I4 Commerce Inc., provider of payment services for multi-channel retailers, has raised $23 million of additional equity in a financing round led by GRP Partners, the company reported today.
"Together with the strong endorsement in this round from our existing investors, adding an investor with the deep retail understanding of GRP Partners gives us not only the capital to meet this demand, but the long term commitment to build a truly great company," says CEO Gary Marino.
I4 Commerce introduced its Bill Me Later product, which provides an alternative to credit cards, last year. Last September, Buy.com was the first major retailer to adopt Bill Me Later. Since then, retailers with annual sales totaling $12 billion have committed to Bill Me Later, the company says. I4 Commerce also has reached distribution agreements for the Bill Me Later service with Paymentech, Retail Decisions, CyberSource and Synaro.
In addition to GRP Partners, a venture capital firm dedicated to retailing, retail technology and financial services technology, investors include Crosspoint Venture Partners, Azure Capital Partners, First Data Corp. and Paymentech.