Highnote Secures $90M to Expand Unified Payments Platform

Highnote has emerged as a leader, providing an end-to-end platform that combines card issuance and program management. A recent $90 million Series B funding round is a testament to investor belief in the Highnote mission of revolutionizing embedded finance.

Company Overview

Highnote is a modern card issuance and program management company founded in San Francisco. It provides businesses with the tools to embed virtual and physical card payments, ledger, and wallet functionalities into their products. With a unified platform, Highnote simplifies financial transactions, allowing companies to manage all internal, vendor, and customer-facing financial activities seamlessly.

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Funding Details

The Series B funding round, totaling $90 million, was led by Adams Street Partners, a global private markets investment manager. Existing investors, including Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners, also participated, reflecting continued support for Highnote’s vision and growth trajectory. This investment brings Highnote’s total funding to over $145 million.

Expansion into U.S. Merchant Acquiring

With the new funding, Highnote is launching its acquiring solution, expanding its platform to support full pay-in and pay-out functionality. This development allows businesses to accept card payments online through plug-in checkout software or custom-designed features. Built by a team with experience from Braintree, Highnote’s acquiring platform integrates directly with major payment networks, offering streamlined data access, transparency, and improved economics for customers.

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Key Features of Highnote’s Platform

• Unified Payments Platform: Unifies card issuance and acquiring services, where a business can run all its financial transactions on a single, reconciled platform.
• API-Based Integration: Flexible integration options allow companies to embed payment functionalities within their existing systems seamlessly.
• Scalability: The design accommodates businesses of any size-from small startups to large enterprises-because it helps facilitate growth and adaptation to the market.
• Direct Network Integration: It offers direct connections with significant payment networks, thus allowing for efficient processing and fewer intermediaries.

Leadership Insights

Highnote’s CEO, John MacIlwaine, is very optimistic about the company’s future and expansion to include acquiring services. “We are excited to partner with Adams Street in our next stage of growth and about our entry into the acquiring space, which accelerates the expansion of our world-class embedded finance and issuing platform.” 

Highnote’s transformational platform and impressive growth trajectory motivated us to lead this funding round. We are excited to support the company’s vision to lead innovation in embedded finance,” said Robin Murray, Partner at Adams Street Partners.

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Client Success

Netevia, a leading embedded finance company specializing in innovative payment solutions, has utilized Highnote’s unified platform. Vlad Sadovskiy, CEO of Netevia, said, “Acquiring on Highnote’s unified platform is a game-changer for us. Hyper-verticalized businesses that are adopting our B2B platforms need API-driven, seamless integration of all payment scenarios. Highnote is radically reducing the friction and complexity for us to deliver that to an ever-broadening set of clients.”

Market Position and Future Prospects

Highnote’s integrated approach places it uniquely in the fintech industry, providing a holistic solution for businesses seeking to streamline their payment processes. The company’s expansion into merchant acquiring addresses a critical need in the market, providing a unified platform that reduces complexity and enhances efficiency.

Read also: Fundment Secures £45M to Transform Financial Advisory Services

With the additional funding, Highnote plans to:

Enhance platform capabilities: Develop new features and functionalities that add value to customer needs.

• Scale the team: Scale its engineering and customer support teams so that it delivers high service quality and innovation in its products and services.
• Widen market: Develop strategic marketing and partnerships that lead to a more extensive reach of customers and adoption of its platform.

Summary

Highnote, a San Francisco-based leader in modern card issuance and program management, has raised $90 million in a Series B funding round led by Adams Street Partners, with participation from existing investors including Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners. This investment will support Highnote’s expansion into U.S. merchant acquiring and enhance its unified payments platform.