Total amount raised
$54.5 Millions
Latest funding date
9/1/2021
Location
Highnote has successfully raised significant funding over multiple rounds, attracting notable investors such as Westcap and Oak HC/FT. The company offers a comprehensive payments platform that enables users to issue cards, accept payments, and manage credit programs.
Keep reading to explore the intricacies of Highnote's fundraising journey and the investors backing this innovative platform.
What Is Highnote?
Highnote, founded on October 1, 2020, is an embedded finance company headquartered in San Francisco, California. The company was established by John MacIlwaine and Kin Kee.
Highnote develops a virtual payment platform designed to handle complex payment processing business flows. Their platform supports embedding virtual and physical payment cards, ledger, and wallet capabilities into existing products.
Currently, Highnote employs between 101-250 people, working to modernize payment solutions for businesses of all sizes.
How Much Funding Has Highnote Raised?
- Seed Round
- Amount Raised: $11.5M
- Date: October 2020
- Lead Investors: Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the foundational technology and initial product offerings.
- Series A
- Amount Raised: $42.5M
- Date: September 2021
- Lead Investors: Costanoa Ventures, Oak HC/FT
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand the product suite.
- Convertible Note
- Amount Raised: $25M
- Date: December 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing development and operational costs.
- Convertible Note
- Amount Raised: $25M
- Date: June 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further enhance the platform's capabilities and market reach.
- Series B
- Amount Raised: $90M
- Date: January 2025
- Lead Investors: Adams Street Partners
- Valuation at Round: More than $750M
- Motivation Behind the Round: To support innovation in embedded finance and expand into U.S. merchant acquiring.
Total Amount Raised: $194M. Current Valuation: More than $750M.
Key Investors
- Adams Street Partners
- Details: Adams Street Partners is a global private markets investment manager with investments in more than 30 countries. The firm is 100% employee-owned and manages $60 billion in assets.
- Investment Focus Areas: Private markets, growth equity, venture capital.
- Notable Investments: Not publicly disclosed.
- Oak HC/FT
- Details: Oak HC/FT is a venture and growth equity firm investing in healthcare and financial technology. They have a strong track record of supporting innovative companies in these sectors.
- Investment Focus Areas: Healthcare, financial technology, fintech.
- Notable Investments: Not publicly disclosed.
- Costanoa Ventures
- Details: Costanoa Ventures is a venture capital firm that invests in early-stage technology companies. They focus on providing capital and strategic support to help startups grow.
- Investment Focus Areas: Early-stage technology, enterprise software, fintech.
- Notable Investments: Not publicly disclosed.
- WestCap
- Details: WestCap is an investment firm that partners with companies to provide capital and strategic support. They have a diverse portfolio across various sectors.
- Investment Focus Areas: Fintech, technology, consumer services.
- Notable Investments: Not publicly disclosed.
- Pinegrove Venture Partners
- Details: Pinegrove Venture Partners is an investment firm that participated in Highnote's Series B funding round. Specific details about the firm are not publicly disclosed.
- Investment Focus Areas: Not publicly disclosed.
- Notable Investments: Not publicly disclosed.
What's Next for Highnote?
Highnote's expansion into U.S. merchant acquiring presents a significant opportunity to serve a broad range of clients, from SMBs to large enterprises. The unified platform, which supports both issuing and acquiring, is poised to reduce costs and complexity for businesses, making it a compelling choice in the growing embedded finance market.
With the recent $90 million Series B funding, Highnote is well-positioned for future fundraising rounds to further scale its operations and enhance its platform. However, the company will need to navigate challenges such as competition from other fintech providers and regulatory compliance to maintain its growth trajectory.
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