The company has revealed plans to use a large part of the capital to fund Veracity's US and European acquisition strategy. The rest of the committed fund was used to buyout an existing investor. In addition, once the transaction is completed, Matt Vettel, Chris Busby and Nick Cayer from Great Hill will join the Veracity Board of Directors.
Veracity provides credit card, debit card and ACH processing services mainly to small- and medium-sized businesses (SMBs). Veracity operates a channel-driven strategy targeting community banks, trade associations and affinity partners. The company is aimed at providing payment and billing services to SMBs through a combination of organic activities and acquisitions. Since inception in 2007, Veracity has completed five acquisitions and currently processes for more than 12,000 merchants across numerous industries, leveraging its relationships with 180 partners.
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