Hiring more talent and accelerating development of its point-of-sale payment processing systems is what Leaf plans to do with the $20 million in new funding from Heartland Payment Systems.
The financing is a major step up from the $4 million in funding the company had as of its FinovateSpring appearance in May.
Leaf specializes in providing a mobile payment platform for small businesses. The company’s LeafPresenter tablet accepts payments, provides business analytics, and makes it easier for businesses to transact with customers using a variety of payment options.
Aron Schwarzkopf, CEO and co-founder of the Cambridge, Massachusetts-based Leaf, says
that he expects his company to be processing payments at an annualized rate of $500 million by the end of 2013.
Heartland Payment Systems is a national payments provider, headquartered in Princeton, New Jersey. The company processes more than 11 million transactions daily, and more than $80 in payments a year.
As part of the deal, Heartland will sell Leaf via its 800-member salesforce, and also will develop apps for the platform.
As noted in Xconomy’s coverage
of the announcement, Heartland has been active in the fintech startup market, helping LevelUp gain national exposure for its mobile payment app.