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Tablet-based point-of-sale company Revel Systems says it has secured $90 million in Series C financing, a windfall it will use to keep up with growth for its iPad-based POS systems, the company announced Tuesday.
Private equity firm Welsh, Carson, Anderson & Stowe, which has long invested in payments companies, is supplying $65 million up front and a $25 million line of credit. The firm also gained a seat on Revel’s board of directors.
“Their deep investment expertise in the [business-to-business] services and payments industries, plus their proven track record for fueling company growth, will help us further cement Revel as the industry standard POS solution for both small businesses and enterprise customers,” says Lisa Falzone, Revel co-founder and chief executive, in a press release.
Revel recently lined up Smoothie King Franchises Inc. as a client, with plans to install its POS system in all 700 stores over the next 12 months. Earlier this year, Revel added support for Bitcoin payments to its system.
Revel’s system includes a number of specialized configurations, such quick-serve restaurants, retail, self-service kiosks and grocery.
Revel works with a number payment processors, including Adyen, Elavon, First Data Corp., Priority Payment Systems and USAePay.
