Wellington Financial Provides $7.5 Million to Softgate Systems
Wellington Financial announced a US$7.5 million venture debt financing for Softgate Systems, Inc., of Fairfield, NJ. Softgate Systems, Inc., through its Retail Payments Exchange technology, provides an open electronic exchange connecting product and service providers to a distribution network that serves the cash-preferred marketplace.
“With a presence in over 20,000 locations and available to the largest audience, Softgate’s diverse range of products includes bill payment, domestic and international prepaid wireless, prepaid long distance, gift cards, and international bill payment,” said Craig Netterfield, senior vice president of Wellington Financial LP. “We are delighted to add Softgate Systems, Inc. to our ever-expanding U.S. portfolio.”
Rick Auletta, president and CEO of Softgate Systems, Inc. said, “Partnering with Wellington Financial provides us with working capital to support our continued growth while providing reliable bill payment and other cash-based financial services.”
Softgate Systems, Inc. is backed by some of the leading venture capital and strategic investment firms, including Edison Ventures, Citi Capital Advisors, and Hamilton Investment Partners.
Wellington Financial is a specialty finance firm providing term, venture and amortizing loans up to $30 million.