Led by sibling co-founders Suneera Madhani, CEO, and Sal Rehmetullah, president, Stax celebrates this significant milestone at a time when less than three percent of venture capital goes to minorities and less than one percent of venture capital goes to businesses with women of color CEOs.

Investors include Greater Sum Ventures (GSV), HarbourVest Partners and Blue Star Innovation Partners, all of which have long invested in the payments industry and will serve as strategic partners to Stax. Rob Wechsler, founder and CEO of Blue Star, will join Stax's board of directors. After completing a secondary round, Stax raised an additional primary round of capital to reach the $1 billion valuation.

Stax is one of America's fastest-growing fintech companies, recognized by U.S. News and World Report, Inc., and Fortune for its radically simple payment technology. Stax (formerly Fattmerchant) empowers more than 22,000 small businesses, large businesses, and software platforms through the industry's only all-in-one payments API. Stax's platform provides businesses and SaaS platforms the ability to manage their payment ecosystem, analyze data, and simplify their customer experience through fully integrated solutions. With access to everything they need to transact seamlessly, the one-stop tool allows companies to move faster, think smarter, and make better business decisions through the power of payments. Stax has powered more than $23 billion in transactions and expanded globally to international markets outside the U.S.