Goldman Sachs backs payment tech company

Atlanta-based Bluefin Payment Systems has landed a debt and equity growth financing from the Goldman Sachs Specialty Lending Group.  

Bluefin Payment Systems has secured a debt and equity growth financing from the Goldman Sachs Specialty Lending Group, which is joining existing investors Financial Partners, the private equity group for Napier Park Global Capital and Camden Partners. The size and structure of the deal were not disclosed.

Bluefin will use proceeds from the funding to bolster its investment in Security Solutions, the company announced yesterday (15 December). In addition to encryption software being available through the company’s PayConex gateway, Bluefin introduced Decryptx in November 2014. Decryptx, the company’s Decryption as a service product, enables Point-to-Point-Encryption (P2PE) for Enterprises and Tier 1 Merchants with no change to the businesses’ current acquiring relationship.

“Bluefin Payment Systems is emerging as a leader in payment security solutions,” Manu Rana, partner at Financial Partners, the company’s largest shareholder, said in a statement. “With the consistent news on data breaches, the security of consumer and corporate data is of the utmost importance to all companies. We see Bluefin as an innovator paving the way in data encryption and security.”

“We are delighted to welcome GSSLG as our new capital provider,” said John Perry, chief executive of Bluefin Payment Systems. “Their knowledge and experience will enable us to continue building our business and our security products, and expand our reach globally.”

Bluefin specializes in developing secure payment technology that protects consumer cardholder data and reduces Payment Card Industry (PCI) Data Security Standard (DSS) scope and compliance. The company these services to enterprises, financial institutions and small-medium sized businesses worldwide. Bluefin is headquartered in Atlanta, with offices in Tulsa, Chicago and New York.

Goldman Sachs Specialty Lending Group (GSSLG), which was founded in 2004, operates as the mid-market financing and investing platform within The Goldman Sachs Group. GSSLG lends and invests Goldman Sachs’ capital through stand-alone first lien, second lien, unitranche and junior capital investments directly to mid-sized companies across the US and Canada.