Payfactory, a fintech payment facilitator for software platforms, has announced a growth investment from Bluefin, the recognized integrated payments leader in P2PE encryption and vaultless tokenization technologies that protect payments and sensitive data.
Formed by payments industry veterans and created for and by developers, Payfactory enables software vendors to effortlessly integrate payment acceptance, own the merchant experience, and minimize risk. The company serves software companies seeking the benefits of payment facilitation (Payfac) along with a higher level of security, service and speed.
Bluefin provides integrated payment and data security solutions to over 20,000 merchants in 47 countries through its product suite and network of 200 global connected partners. The company specializes in encryption and tokenization technologies, including PCI-validated point-to-point encryption (P2PE) to secure mobile, call center, countertop and unattended payments, and through the ShieldConex® data security platform to secure payments, PII and PHI entered online.
Bluefin’s growth investment will facilitate Payfactory’s domestic and international market expansion and leverage the strategic partnership between the two companies.
“Payfactory is an extremely innovative company that meets the growing demand for immediate merchant approval, next-day funding and split payments through their Payfac model,” said John M. Perry, Bluefin CEO. “Our strategic partnership brings the speed and efficiency of Payfac to Bluefin’s Decryptx® and ISV partner base including PCI-validated P2PE, tokenization and 3-D Secure, providing the highest level of payment and data security for a Payfac solution in the industry.”
“We are thrilled to participate in this round of funding for Payfactory and welcome Ruston and his team as a key strategic partner,” added Mr. Perry.
“The benefits of Payfac to software companies are clear: immediate seller onboarding, the ability to manage seller and buyer experiences through APIs, and fast, flexible payouts,” said Ruston Miles, Payfactory CEO. “These benefits have only been available to small software companies through a limited number of large providers at a high cost and with no revenue sharing, or to the largest software companies who opt to take on all of the technology, security, regulation and financial risks involved. Together, Bluefin and Payfactory deliver the most secure Payfac-as-a-Service option available in the market today, enabling mid-market software companies to reap all of the benefits of Payfac along with payment revenue sharing.”