FeeFighters, a Chicago, IL-based comparison shopping site where business owners get competitive bids from credit card processors, has secured $1.6m in Series A financing.
The round was led by Sandbox Industries, with participation from OCA Ventures, i2a Fund, Hyde Park Angels, 500Startups and Arizona Bay Technology Partners.
The company intends to use the funds to expand product offerings and marketing efforts.
In conjunction with the funding, Nick Rosa, co-founder and managing director of Sandbox Industries, will join FeeFighters’ board of directors.
Founded and led by CEO Sean Harper, FeeFighters operates an online service that is designed to help businesses reduce processing fees through price comparisons and competitive bidding by top-tier processors, which have been screened and agreed to adhere to strict rules and transparent pricing, eliminating price gouging and hidden costs.
According to the company, its auction process and comparison engine saves businesses an average of 40% on their credit card processing costs.
FinSMEs
13/01/2011