Alternative Payments has raised $22 million to enhance its payment platform specifically built for managed service providers (MSPs). Recognizing the underserved nature of the MSP market, the company aims to replace outdated legacy systems with modern, autonomous infrastructure that simplifies payments and accelerates cash flow, ultimately improving financial stability for MSPs.
The latest funding round is backed by two leading firms, MissionOG and Third Prime, both with a strong track record in scaling fintech and infrastructure platforms. MissionOG’s expertise in payments and Third Prime’s commitment to supporting innovative teams positions Alternative Payments to expand its offerings. The raised capital will accelerate the development of new automation features, advanced analytics tools, and enable the company to expand internationally, with plans to launch in Canada and the UK in the coming quarters.
In addition to product development, the funding will support the scaling of engineering, support, and operations teams to ensure faster delivery and better service. The company is also expanding its go-to-market team, focusing on increasing sales and marketing efforts to reach more MSPs. Despite the influx of capital, Alternative Payments remains majority-owned by its employees, ensuring the company stays true to its roots of innovation for the MSP sector.
In light of rising costs and economic uncertainty, the platform's ability to speed up payments and reduce days sales outstanding is more critical than ever. Alternative Payments aims to help MSPs maintain cash flow predictability and financial confidence, crucial elements in today’s volatile market.
The $22 million funding round marks a pivotal moment for Alternative Payments, propelling the company into its next phase of growth. With a strong commitment to delivering reliable and efficient payment solutions, the company is set to continue empowering MSPs to operate with greater financial confidence. The journey ahead promises even more innovation, with plans to further revolutionize how MSPs handle payments and finance in a fast-evolving industry.