Swipely raises $20 million to accelerate its already impressive growth

Swipely Office

On Thursday, Providence-based Swipely announced that it has raised $20 million in a Series C round of funding.

The new round of venture financing was led by Pritzker Group, a Chicago-based firm, and was joined by return investors First Round Capital, Index Ventures, and Shasta Ventures. The company has raised $40.5 million in funding to date.

Swipely plans to use the new funding to continue its rapid growth by expanding its platform to a larger network of restaurants and retailers, aggressively hire for key positions such as engineering roles, and expand the breadth of the product capabilities it currently offers.

As a cloud-based merchant services company, Swipely currently provides insights to help businesses better understand customers behavior and, in turn, to hopefully increase sales.

Some of the tools that Swipely has developed (and will continue to improve upon) include ways for merchants to better manage their workforces, capabilities related to menu intelligence for restaurants, as well as customer databases and business intelligence offerings.

Recently, Swipely announced that it now manages over $2 billion in annual sales on its payments platform, which, as founder and chief executive Angus Davis said, has essentially doubled over the last six months. Davis added that the company reports strong revenue growth over the last six months.

“We’ve been growing very aggressively pretty much any way you measure it,” Davis said, “and this new capital will enable us to continue accelerating our growth as we move ahead.”

In addition to the impressive growth, the company was named by the Providence Business News as one of the “Best Places to Work in Rhode Island” for the second consecutive year.

Growing to more than 100 employees, Davis said that Swipely is going to continue to add new employees, even saying that they may outgrow the new offices they recently moved to in Downtown Providence.

“Our success depends more than anything else on our ability to have the right folks on our team to help us achieve the goals that we have set out, which are very ambitious,” Davis said.

Dennis Keohane was a Senior Staff Writer for BetaBoston.
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