Platform Partners LLC (“Platform”), a private holding company headquartered in Houston, TX announced its investment in E-xact Payments, LLC (“E-xact” or the “Company”), a leading provider of integrated payment gateway services to bank partners, software platforms and omnichannel merchants.
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Founded in 1999, E-xact owns and operates a highly scaled processing infrastructure capable of efficiently and accurately processing e-commerce transactions. Platform is partnering with proven payments executives Rahul Gupta, Phil Levy and Claude Clausing as well as the existing founders of E-xact, Peter Fahlman, Brian Archer and Gersham Meharg.
“The E-xact team has built a tremendous business, and we look forward to working with the Company as it expands its service offering to new customers,” said Fred Brazelton, Chief Executive Officer of Platform. “We’re excited to partner with Peter, Brian and Gersham to continue developing innovative solutions tied to digital payments.”
E-xact plans to make a significant investment in people and technology. Upon closing, the Company hired Phil Levy to serve as the Chief Executive Officer and Claude Clausing to serve as the Chief Business Development Officer. Phil most recently served as Managing Director of Payments at Silicon Valley Bank, and prior to that held senior positions at First Data (now Fiserv) and eFunds (now FIS). Before joining E-xact, Claude served as Senior Vice President of Digital Revenue Development at Elavon, a credit card transaction processor. Together, they have 40+ years of experience in the payments industry.
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“Today is an exciting time to be participating in the payments industry,” said Peter Fahlman, E-xact Co-founder. “Platform has demonstrated their industry expertise and commitment to invest in the best people and technology to address the needs of our customers. It starts with adding Phil and Claude to our senior team.”
“We’re thrilled Phil and Claude have agreed to join E-xact,” said Vik Kalra, a Senior Vice President at Platform. “They know the Company and employees well from their prior experience, and we can’t wait to work together and execute on the Company’s vision.”
Rahul Gupta, a payments industry veteran, will invest alongside Platform and serve as Chairman of the Board. Rahul has previously served in multiple senior executive positions at payments companies, including most recently at RevSpring and Fiserv.
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