Fintech is one of the hottest areas of technology, and now the sector has another unicorn on its hands. Payments processing platform Stax has announced a $1 billion valuation after its latest round of investment. The company’s payment platform allows clients to accept all payment types, simplifying the payments ecosystem while adding convenience for customers.
Stax also has the distinction of being one of the rare unicorns that happen to be minority-led. And not only that, but it’s also one of the rare startups led by a brother-sister team. Stax was founded by siblings Suneera Madhani, the company’s CEO, and Sal Rehmetullah, its president, and it’s taken the duo just eight years to go unicorn.
Announcing the milestone, Madhani said, “As a minority woman and executive in fintech, I’m no stranger to discrimination and doubt. My brother and I built this company from our parents’ home back in 2014. Since then, we’ve grown 500% in the past three years and processed more than $23 billion in payments for 22,000 businesses nationwide. We share this milestone not just with our team, but every person of color trying to hustle, build their own business and make history.”
Stax is based in Orlando, Florida. Its latest round of investment was led by Greater Sum Ventures (GSV), HarbourVest Partners, and Blue Star Innovation Partners. Their $245 million investment comes just months after Stax acquired the automated surcharging platform CardX in November.