First Performance Global, a card management and customer engagement platform for card issuers worldwide and a startup in the Advanced Technology Development Center’s ATDC Signature portfolio, said it closed a $17.5 million capital raise.
The financial technology company said funds from the round will be used in acceleration and expansion initiatives. The capital raise was led by Mastercard and also included RRE Ventures, Regions Financial, and Synchrony Financial.
“This new funding signifies a major milestone for First Performance,” said A. Wayne Johnson, First Performance Global’s CEO. “As we continue to grow sales and expand our presence around the world, this funding and the strategic partnerships with these investors will provide us with the resources to not only increase our momentum in winning new business in key markets, but also grow our global operations and product technology teams to support that expansive growth.”
Card issuers worldwide are experiencing an ever-increasing demand from their customers for mobile self-service technologies along with additional controls and alerts around their card-usage activities. Security, peace-of-mind and an improved customer engagement experience are key elements in the market awareness and demand for the First Performance platform.
“In this increasingly digital world, we are focused on enabling our issuers with solutions that deliver a balance of security and convenience for their customers,” said Carlos Menendez, Mastercard’s president of enterprise partnerships. “This continued collaboration with First Performance will help meet consumers’ increased needs everywhere and every way they shop and pay.”
Mastercard made an earlier strategic investment in First Performance Global in 2015.
“As the global leader in providing card issuers with a real-time cardholder alerts, controls and engagement platform, we have followed First Performance since its inception and know it to be a company whose management team has a solid track record of success,” said James D. Robinson, III, Partner RRE Ventures, “We believe they are poised for major growth in 2017 and are excited to help support their plans.”
“At Synchrony Financial, we build relationships that provide value for our merchant and service provider partners and cardholders,” said Neeraj Mehta, executive vice president of business strategy and development at Synchrony Financial. “Our shared focus on innovation with First Performance Global will allow us to offer an enhanced experience through increased security and tailored capabilities.”