Last week, local financial startup Fattmerchant closed a venture capital deal for $750,000 that will help improve its processing service, create new jobs in Downtown Orlando and allow the company to reach more merchants.
The subscription based company, which offers a flat rate credit card processing was funded by early stage venture firm venVelo and private investors.
“With the wealth of talent on our board and strong partners like Enterprise Florida and Rollins College, venVelo continues to grow its portfolio and work to contribute to the success of these exciting companies,” Allen H. Kupets, COO of venVelo said.
Fattmerchant is planning to expand its 10 person staff and add eight more employees before the end of the year. In addition to raising funding, Fattmerchant will be creating a board of directors. Currently, CEO of Ruth’s Hospitality Group Craig Miller and founder of Code School Gregg Pollack serve on its board of advisors.
Fattmerchant recently won the Venture Capital Competition at Rollins College this past March. Among the young startup’s accomplishments is their successful competition of Starter Studio’s three-month accelerator program which helped better their business model, business pitch and target audience.