YapStone, Inc., the leading provider of Electronic Payments as a Service (ePaaS) for property management and other vertical market segments, today announced a $50 million minority investment led by Accel Partners, a global venture capital and growth equity firm that has backed industry-defining companies like Facebook, Groupon, AdMob, Cloudera and Atlassian, and Meritech Capital Partners, a leading late stage venture capital firm. The new capital will be used to support the Company's rapid growth, specifically for continued investment in its core technology platform to serve current and new vertical markets. The capital will also be used to support international expansion and fund opportunistic acquisitions. Financial Technology Partners LP and FTP Securities LLC (together "FT Partners") served as exclusive strategic and financial advisor to YapStone and its Board of Directors in this transaction.
YapStone, founded in 1999, has built a complete, end-to-end, payment services platform for property managers to easily accept credit cards and e-Checks for rent and other recurring payments. The Company has leveraged its unique, hosted approach in providing industry-specific payment solutions to become the largest platform for apartment and vacation rent payments in the U.S. In addition, YapStone is aggressively leveraging its core technology platform to service new, historically offline, industries which can benefit from the massive efficiency and cost-reduction of converting from paper checks to ePayments. The Company's recent selection as the integrated payment solution for multiple, industry-leading software and Internet franchises such as HomeAway/VRBO demonstrates the market demand for outsourced payment services like YapStone provides.
"We are excited by the opportunity this significant capital infusion represents to more quickly scale our platform within both our existing and new market segments," said Matt Golis, CEO and Co-Founder of YapStone. "Accel Partners has been instrumental in identifying and helping to build industry leading technology companies and together we will work hard to be their next great success story," said Tom Villante, Chairman and Co-Founder of YapStone. "We had a number of financing options available to us but we were attracted to the value we believed Accel would bring through its strategic perspective, access to its existing portfolio, and global reach."
Founded in 1999, YapStone has 75 employees, some 60 of them at its San Francisco headquarters. CEO and co-founder Matt Golis said the company plans next month to relocate to a larger, custom fitted space across from the BART station in Walnut Creek to save money and accommodate anticipated growth, and to open a satellite office in San Jose.
YapStone, Inc. is the largest Electronic Payments-as-a-Service (ePaaS) provider focused in property management and several other bill payment industries. YapStone's payment service processes billions of dollars annually, with an on-demand platform that offers Web-based and mobile technology to its clients. YapStone's technology includes a unified, real-time reporting platform for check conversion, credit/debit card processing, and electronic check processing.