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Financial services

Princeton eCom Corporation Raises $10.3 Million in Financing Led by Conning Capital Partners

Strategic Insights

— 1 min read

Princeton eCom Corporation, a leading application service provider of Integrated Payment Solutions, has announced a significant funding round of $10.3 million, led by Conning Capital Partners, a private equity firm. The investment is expected to support the company's growth and further enhance its ability to provide reliable and effective products for its customers and their consumers. This funding round is particularly notable, as it demonstrates the confidence of investors in Princeton eCom's operational efficiencies, growth strategies, and market leadership in the electronic payments industry.

Key Takeaways:

  • Princeton eCom Corporation has raised $10.3 million in a financing round led by Conning Capital Partners, a private equity firm.
  • Existing investors, Mellon Ventures and Lazard Technology Partners, also participated in the round.
  • The company plans to use the proceeds for additional working capital to support its growth and further investment in new products, development, and operations.
  • New Century Equity Holdings Corp., a current investor in Princeton eCom, has executed a definitive agreement to sell its holdings in the company, subject to shareholder approval.
  • Conning Capital Partners will join the board of directors, and Steven Piaker, Partner of Conning Capital Partners, commented on the company's products, operating performance, and growth strategies.
  • Princeton eCom's Chairman and Chief Executive Officer Craig Kirsch expressed excitement about the new investment and continued support from existing investors.
  • The company has delivered Integrated Payment Solutions since 1984 and is a leader in the Electronic Bill Presentment and Payment industry, providing solutions to over 1,500 banks, billers, and distribution partners.
  • Conning Capital Partners is a prominent investor in financial services and healthcare services, with approximately $600 million under management.

Statistics:

  • Princeton eCom has raised $10.3 million in the current funding round.
  • The private equity firm, Conning Capital Partners, has managed approximately $600 million.
  • Mellon Ventures has a private equity investment partnership with $1.4 billion under management.
  • Lazard Technology Partners has invested in more than 35 companies since its founding in 1998 and manages over $400 million.
  • Princeton eCom provides its hosted ASP solutions to over 1,500 banks, billers, and distribution partners.

Sources:

  • "Princeton eCom Corporation Raises $10.3 Million in Financing" (PRNewswire, March 30)
  • "Conning Capital Partners, Inc." (Conning Capital Partners, http://www.conningcapital.com)
  • "Mellon Ventures" (Mellon Ventures, http://www.mellonventures.com)
  • "Lazard Technology Partners" (Lazard Technology Partners, http://www.lazardtp.com)
  • "About Princeton eCom" (Princeton eCom Corporation, http://www.princetonecom.com)

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