CardX, a Chicago-based startup, today announced that it raised $2.1M in a recent round of outside investment. The investment was led by industry leader NXGEN International, with two other investors participating.
With this additional funding, CardX will launch a direct sales channel for the first time, hiring new team members and building resources to complement its proven sales partner channel.
CardX CEO Jonathan Razi, commented, “This milestone is a strong endorsement of our success and revenues in the marketplace, as well as a vote of confidence in our roadmap for future growth. We see demand increasing daily for an affordable and compliant solution to pass on the credit card fee. This additional capital, as well as the impressive talent joining our Board, enhances our position as the market leader.”
Thomas Nitopi, NXGEN CEO, said, “As a company operating with significant scale and many opportunities to deploy capital, NXGEN International is deliberate in our outside investment strategy. With that in mind, we’re excited to invest in CardX: they’ve shown excellent revenue growth and customer retention, and they have a very talented CEO driving their future. We look forward to taking our partnership with CardX to the next level, especially given the possibilities not only in America, but also many international markets.”
With this investment, Thomas Nitopi, Michael Tomko, and Charles McDonald will join the CardX Board of Directors.