Dallas Fintech firm StoneEagle Raises $76M for funds gadget
A Dallas space fintech firm has raised $ 76 million from San Francisco-primarily based challenge agency FTV Capital.
StoneEagle services sells digital “bank cards” for trade-to-business funds to the healthcare and automotive industries, amongst others. the theory is to digitize conventional strategies, comparable to insurance coverage company payments to healthcare suppliers or reimbursements for vehicle guarantee claims.
“If a doctor submits a declare and the declare is authorized, we can move quantity of payment to the doctor thru a virtual card proper again to place of job, versus having to wait for a check,” says Andy Roberts, StoneEagle services and products’ CEO. “we are able to get them their money much sooner.”
the process, Roberts adds, is also secure—StoneEagle’s “v-playing cards” are one-time use most effective. “the card is generated for a one-time use and just for a distinctive quantity,” he says. “If it was stolen, it could be nugatory.”
StoneEagle services and products is a part of a suite of companies based in Richardson, TX, just north of Dallas, in the beginning based in 1987. StoneEagle insurance coverage techniques, the unique firm, sold endeavor-extensive insurance tool for businesses and through the years elevated its services with net-enabled functions as the web was more broadly used. the company’s “VPay” product used to be developed a few decade in the past.
With the FTV investment, StoneEagle services has been spun out by itself. Roberts—most not too long ago president and CEO of Tennessee-based totally Fleet One, a provider of gasoline playing cards and fleet management data products and services to trucking, business, and government vehicle fleets—took over the reins as CEO this week. StoneEagle co-founder Bobby Allen is turning into chairman of the board.
Roberts says the corporate will use the dollars to make device enhancements, as well as to increase gross sales and advertising personnel. “We’re going to guage other alternatives and segments,” he says. “we will’t see which for sure now; we’ll do an diagnosis over the next few months.”
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