InterPrivate LLC, a private investment firm that works to invest on behalf of family offices, has apparently declared that it has taken over a leading payments technology platform, SurchX. It has been reported that the acquisition has been undertaken by the firm’s newly formed affiliate, called InterPayments LLC.
Sources familiar with the knowledge of the matter claim that Sunil Kappagoda is likely to become the Executive Chairman of the company. For the uninitiated, Kappagoda presently lends his expertise to multiple payments and fintech companies across Europe, APAC, and North America, as a Chairman and Board Member, and is also a former President VeriFone Systems Inc., APAC, and the former Senior Partner and Managing Director at The Boston Consulting Group.
Post the official buyout, InterPayments will apparently be the only company in the business equipped with advanced API (application programming interface) software, chrome browser extensions, IVR (interactive voice response)/call center integration, and multiple shopping cart integrations. The company's platform accommodates numerous gateways, enabling it to connect with most payment processors. The proprietary database is subjected to periodic updating, calculating interchange and fixed-price surcharging fees.
For the record, SurchX was founded in 2017, and specializes in developing technology solutions, enabling merchants and retailers to recover the maximum value of the processing fees through surcharge, while simultaneously ensuring strict adherence to the regulatory environment.
Executive Chairman Sunil Kappagoda has been quoted to say that the firm is thrilled about pouring in capital in the underlying technology, as InterPayments continues its expansion spree in order to meet the rising demand of cloud-based platforms that help control credit card processing fees. These fees take up the position of the third or fourth largest expense segment, especially for e-commerce, Kappagoda says.
Ahmed Fattouh, InterPrivate CEO, adds that the firm is excited to back Kappagoda and his team, who are renowned for bringing in world class experience to speed up the deployment of this valuable solution.