Fortis has taken steps to strengthen its position in the embedded payments industry with a new strategic investment. The company announced that it received funding from Audax Private Equity alongside existing investor Lovell Minnick Partners (LMP). With this investment, Fortis aims to accelerate its product development, pursue acquisitions, and expand its market reach. This move comes as embedded finance continues to influence the financial ecosystem, offering more integrated and seamless payment solutions for businesses and consumers.
Fortis has previously secured investments to fuel its expansion. In 2019, LMP invested in the company, leading to growth in business-to-business (B2B) and software-based payment solutions. Over the years, Fortis has also acquired other firms to strengthen its capabilities, such as SmartPay in 2023 and MerchantE’s NetSuite payments division in 2024. These acquisitions have contributed to the company’s ability to offer more comprehensive embedded payment solutions.
What Does This Investment Mean for Fortis?
With the infusion of capital, Fortis plans to enhance its technological infrastructure and expand its offerings. The company seeks to improve integration capabilities for businesses looking to implement embedded payment solutions. Fortis CEO Greg Cohen stated:
“This partnership with Audax, alongside our long-term investor LMP, provides Fortis with valuable resources to accelerate our product roadmap, pursue strategic acquisitions and expand our global footprint.”
The investment aims to solidify Fortis’ position as a key player in the embedded payments sector, addressing the growing demand for seamless financial transactions within business ecosystems.
How Will Audax’s Expertise Influence Fortis’ Growth?
Audax Private Equity has a history of scaling mid-market companies, and its involvement is expected to support Fortis’ expansion. By leveraging Audax’s resources, Fortis aims to enhance its embedded payment technologies and extend its reach across various industries. Tim Mack, partner at Audax, commented on the company’s role in Fortis’ development:
“Fortis’ ability to simplify complex, multi-channel payment environments through a single integration point represents an integral link in the payments value chain.”
This partnership is expected to help Fortis refine its solutions for enterprise resource planning (ERP) and business payments.
LMP, which has been supporting Fortis since 2019, also sees this investment as a way to accelerate the company’s growth. Trevor Rich, a partner at LMP, stated:
“Fortis’ growth has exceeded our expectations, and the new partnership with Audax can help fuel further technological innovation, strategic acquisitions, and channel expansion.”
This suggests that Fortis will continue to seek opportunities for acquisitions and partnerships to strengthen its capabilities in embedded payments.
The embedded finance sector has been undergoing rapid development, with businesses increasingly integrating financial services into their platforms. Fortis’ strategy aligns with this trend, as companies look for more efficient ways to manage transactions within their ecosystems. The expansion of embedded payments is expected to offer businesses improved cash flow management and enhanced customer experiences.
With the additional investment, Fortis is positioned to grow its influence in the embedded payments space. The company’s focus on acquisitions and product innovation indicates that it aims to meet the evolving needs of businesses requiring seamless financial integration. As embedded finance continues to reshape the industry, Fortis’ strategies and partnerships will determine its ability to remain competitive in this market.
