NEW YORK, March 6, 2020 /PRNewswire/ -- InterPrivate LLC announced today the acquisition of SurchX, a market leading payments technology platform, by a newly formed affiliate, InterPayments LLC.
Founded in 2017, SurchX developed technology solutions allowing retailers and other merchants to recover the maximum amount of their credit card processing fees via surcharging while maintaining strict compliance with today's complex regulatory environment. With the completion of the acquisition, InterPayments will be the only company in the space with advanced application programming interface (API) software, multiple shopping cart integrations, interactive voice response (IVR)/call center integration, and chrome browser extensions. The company's platform integrates with multiple gateways which allows it to connect with most payment processors and remain payment processor agnostic. The underlying, proprietary database is updated frequently, calculating both interchange and fixed-price surcharging fees.
In conjunction with the transaction, Sunil Kappagoda will become Executive Chairman of the Company. Kappagoda is a former Senior Partner and Managing Director at The Boston Consulting Group, former President of Asia-Pacific at VeriFone Systems Inc., and the current chairman and board member of multiple payments and fintech companies in North America, Europe and Asia-Pacific. InterPayments will separately announce the appointment of a group of leading industry veterans and regulatory experts to serve in management, board and advisory capacities.
"We are excited about investing in the underlying technology as InterPayments expands to further meet growing demands from merchants and partners seeking a cloud-based platform designed to control credit card processing fees. For ecommerce companies, this is the third or fourth largest expense," said InterPayments' Executive Chairman Sunil Kappagoda. InterPrivate CEO Ahmed Fattouh added, "We are excited to back Sunil and his team who bring world class experience to accelerate the deployment of this valuable solution."
About InterPrivate InterPrivate is a private investment firm that invests on behalf of family offices in partnership with established and emerging private equity sponsors, venture capitalists and operating partners. For additional information on please visit interprivate.com. InterPrivate is also the sponsor of InterPrivate Acquisition Corp. (NYSE: IPV) a $240mm special purpose acquisition corporation ("SPAC"). For additional information on IPV please visit ipvspac.com
About InterPayments InterPayments is changing the profit game for U.S. retailers by allowing them to recover every dollar permitted while remaining in compliance. This can increase their net margin by up to 30% overnight. Powered by proprietary technology, InterPayments' free surcharging software uses a sophisticated algorithm to empower merchants to recover losses from interchange fees and boost their bottom lines. InterPayments identifies card type and jurisdiction rules and then calculates the correct associated fees. With this information, InterPayments seamlessly adds the transaction cost to the customer's invoice in milli-seconds. InterPayments acquired SurchX in February, 2020.
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SOURCE InterPrivate LLC