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Tue. 28 Sep 2021, 10:00am ETBenzinga
In: Fintech

Highnote, a card platform built for embedded card experiences, announced an emergence from stealth mode with $54 million in funding across a Seed and Series A round.

What Happened: The development comes as consumers seek fast and easy payment processes. Whether sharing rides, grabbing coffee, or paying bills, the embedded finance space is poised to be a $3.6-trillion market over the next decade in the U.S. alone.

In bolstering this trend, Highnote tapped Oak HC/FT to lead its Series A and Seed alongside Costanoa Ventures. Additional funding participants include XYZ, SVB Capital and WestCap, among other investors.

Why It Matters: Highnote brings to market the first card issuing platform built specifically for small- and mid-sized companies.

Founded by John MacIlwaine, former general manager at Paypal Holdings Inc-owned (NASDAQ:PYPL)-Braintree and Kin Kee, former director of architecture at Braintree, Highnote improves embedded payments experiences, reducing speed to market while supporting customer loyalty and engagement.

“We’ve backed many of the leading companies in the fintech space, but there is something really special about John, Kin, and their team,” said Matt Streisfeld, partner at Oak HC/FT.

“We see a massive opportunity emerging to whomever is able to crack the code. We’re building that at Highnote, and as a result, we are thrilled to provide the support they need to continue their incredible velocity.”

Photo by Kaique Rocha from Pexels.