JetPay Corp. announced last week the close of a $10 million investment from a Flexpoint Ford affiliate as part of a previously announced agreement with Flexpoint, in which the company agreed to invest up to $40 million in JetPay.
The initial investment was used to retire approximately $6 million in short-term notes and towards general corporate purposes.
“This infusion of capital to JetPay allows us to pay-off some short-term debt and will speed up our ability to further implement our strategic plan,” JetPay Chairman and CEO Bipin C. Shah said. “JetPay aims to become the vendor of choice for businesses in need of the most advanced technologies in payment, processing, and card services. I am very excited to once again be working with the partners of Flexpoint. They are knowledgeable about our industry and are supportive of our efforts to expand our business.”
JetPay recently appointed Flexpoint Managing Principal Donald J. Edwards to its board of directors. Before founding Flexpoint, Edwards was a principal of private equity firm GTCR. He holds a bachelor’s degree from the University of Illinois and a master’s in business administration from Harvard University.
Steven M. Michienzi, the vice president of Flexpoint, was also appointed to JetPay’s board of directors. Before joining Flexpoint in 2009, Michienzi worked as an analyst at Wachovia. He holds a bachelor’s degree in economics from Duke University.