Wakefield Group, Noro-Moseley Invest in Tennessee-Based Payments Solution Firm

BRENTWOOD, Tenn. — Wakefield Group and Noro-Moseley are banking on a Tennessee-based startup to deliver a profitable technology in the payment solutions market.

The venture firms joined SSM Partners and Southpoint capital in a $16 million round of financing for FrontStream Payments. Company management also participated in the investment. SSM led the round.

FrontStream plans to use the funds for acquisitions and expansion.

“In the US, there are about five million mid-sized and smaller merchants facing increasingly complex payments options,” said Emmet Seibels, the chief executive officer and a co-founder, of FrontStream Payments, in a statement. “Our vision is to acquire companies that help to simplify the market for our customers by focusing on the unique needs of each merchant, and by delivering and maintaining an integrated offering of consistent, high quality payment solutions.”

FrontStream works with clients to provide turnkey solutions for acceptance of credit and debit cards as well as loyalty, gift and prepaid cards.