Capital Clarity announced the closing of an oversubscribed $13 million Series A funding round for Play2Pay™, a global mobile payments platform that gamifies payments, led by TeleSoft Partners with participation from Harbor Spring Capital and notable individual investors including: former AT&T vice chairman Ralph de la Vega, former Reuters CEO Tom Glocer, Madison Dearborn Partners co-founder and senior advisor Jim Perry, and Virtusa founder and former CEO, Kris Canekeratne. The new capital will fuel the company’s rapid global expansion by accelerating product development, hiring and partner engagement.
Play2Pay’s alternative payment platform brokers a value exchange between brands and consumers, converting attention and engagement into a currency, which can be redeemed for bill payment.
“Play2Pay’s investors are enthusiastic about supporting a company with this kind of growth and focus,” said Susan Blanco, Managing Partner of Capital Clarity. “We’re excited to see this oversubscribed round close to support the forward plans and product development of Play2Pay and we were honored to work with Brian and his team on this transaction. Play2Pay is part of the digitization of financial services and transformation of the payment landscape that we have seen accelerate rapidly over the past year. We believe that these industry tailwinds will continue to drive investment capital into fintech companies across both private and public markets.”
“Susan Blanco and the Capital Clarity team brought a significant understanding of our business and leveraged their transaction expertise to enable us to effectively evaluate all of our strategic options and optimize value for all stakeholders,” said Brian Boroff, Founder and CEO of Play2Pay.
Capital Clarity acted as the exclusive financial advisor to Play2Pay and Cooley and K&L Gates both provided legal counsel during the fundraise process.