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Fivestars, an integrated payment processing and marketing platform powering the largest local commerce network in the U.S., today announces it has raised $52.5 million in a combination of Series D equity and debt financing.
Fivestars’ unique platform is helping small businesses, the lifeblood of our local communities, recover faster by providing payments technology, automated marketing, and access to a network of local shoppers.Fueled by a community of over 60 million members (1 in 6 Americans), Fivestars exists to drive retention, engagement and new customer acquisition for local businesses, and in the last year alone, the company powered $3 billion in sales to local small businesses. Even in the wake of the pandemic, over one million new shoppers joined the Fivestars network each month and 14,000 local small businesses used Fivestars to reach out and engage with new and existing customers. “Our goal is to bring financial technology to Main Street and expand our local commerce network,” says Victor Ho, CEO of Fivestars. “For far too long independent merchants were forgotten, but they are the heart of local economies and worth fighting for. This is why we’re creating a network that allows merchants to increase sales and drive retention.” This year has taken a …
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