Last week, LLR Partners announced that they closed a $30 million minority growth equity investment in Midigator, a chargeback management solutions provider. Midigator helps companies reclaim revenue by fighting chargebacks and providing real-time merchant account monitoring. Some of the key elements included in Midigator’s platform include intelligent chargeback representment, real-time forecasting and analytics, and CRM and ISO integration. Their platform also lets users combine unlimited merchant accounts in one portal.
Payment card chargebacks and fraud have increasingly become a major struggle for businesses. Although chargebacks are unavoidable, Midigator’s product helps businesses to reduce risk, and their reporting and management technology helps their clients save time. Their platform allows small and large companies to automate the process compared to other third-party providers who are more manually intensive.
There is a lot of lost revenue due to chargebacks and fraud. Midigator’s platform helps to protect businesses by helping them to proactively prevent payment processing issues, and identify and find solutions to underlying issues. According to Midigator’s Founder and CEO, Corey Baggett, “Merchants, small and large, are struggling to keep pace with the rapid growth of fraud and payment card chargebacks. Midigator’s fully-automated software platform is uniquely positioned to help processors, acquiring banks, ISOs and merchants prevent and manage chargebacks.”
Badgett originally developed the platform to deal with his eCommerce business’ own chargebacks. LLR partners described it as a very customer-oriented approach to product development. As Badgett had experienced businesses troubles associated with chargebacks and fraud first hand, he was able to understand customer and market needs.
LLR Partners is a private equity firm that provides capital to middle market growth companies. They invest in several industries, and focus primarily on business services and technology. As a private equity firm, they are flexible in their approach. They take either minority or majority positions, and invest in transactions ranging from buyouts, to capital growth and expansion.
Baggett commented on the news, saying “We are excited to welcome LLR as a strategic investor in our company – their deep payments experience and relationships across the financial services and technology ecosystems should help accelerate our next stage growth. This partnership is another step towards our goal of becoming the global standard for chargeback management and fraud mitigation.”
They will be partnering with Midigator’s existing leadership team in order to increase their sales, expand the scope of their products, and “build upon Midigator’s market leadership position in the rapidly growing, $6 billion per year card-not-present fraud market.”
Mitchell Hollin, a partner at LLR Partners expressed; “We are excited to partner with Corey, Mark Standfield, President of Midigator, and the rest of the Midigator team as they build upon a one-of-a-kind platform that is applicable to all participants in the payments ecosystem”.
Midigator is the leading chargeback and fraud technology platform used to mitigate risk and recover lost revenue. It provides real-time merchant account monitoring and automatically fights chargebacks (i.e., without human intervention) to win revenue back. Its analytics enable businesses to take preemptive action against chargebacks to keep their merchant accounts healthy and profitable. Midigator’s unparalleled reporting and patented fraud management technology saves valuable time, allowing companies to focus on what’s important: growing their business. To find out more about Midigator, call them toll-free at 1-800-960-2184 or visit them online at www.midigator.com.