PayBright, a merchant services provider, has announced a strategic investment in Figure, a point-of-sale (POS) software solutions provider.
The deal sees PayBright become Figure’s largest investor and its exclusive payment processing partner going forward.
The financial terms of the investment were not disclosed, but PayBright confirmed that the partnership will significantly expand Figure’s reach by tapping into PayBright’s national network of more than 800 merchant services agents, independent sales organisations (ISOs), and brokers. This network is expected to play a pivotal role in driving Figure’s growth and market presence.
Figure offers a cloud-based POS platform designed to streamline operations for restaurants and small businesses. Its technology goes beyond payment processing, offering businesses detailed insights and reporting tools to help them optimise operations and enhance customer experiences. Features include customised menu settings and customer and employee management tools.
PayBright’s founder and CEO, Dustin Magaziner, said, “After years of working together, we are excited to announce PayBright’s official investment in Figure.
“The partnership aligns directly with our focus on supporting quick and full service restaurants, as well as small business owners, by giving our agents a POS solution that they can be excited to share with local merchants. Figure is already one of our team’s best selling POS products, and we couldn’t be more excited to take our partnership to the next level.”
Figure’s founder and CEO, Jin Woo Park, highlighted the partnership’s potential impact, saying, “Spearheaded by PayBright’s investment and their independent agents’ commitment to bringing Figure to markets nationwide – we expect to achieve 500%+ growth in YoY partnership sales – and we are poised to make a huge impact in the hospitality industry this year.
“Figure has always been committed to creating the best technology solutions for restaurants and small businesses, and with a partner as committed to our success as PayBright, we can continue to deliver innovative solutions designed specifically to meet their needs.”
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