Payments specialist CellPoint Digital has secured $30 million in funding to speed up the launch of its payment optimization platform for airline retailing.
The investment in the London-based company, which was founded in 2007, came from Toscafund and its private equity branch Penta Capital.
Cellpoint Digital's CEO Kristian Gjerding described the funding as proof of the company's growth and the demand for its solutions in the industry.
"As our company has grown rapidly in the last few years, we have delivered our industry-first payment orchestration solution to more travel brands worldwide, supporting them in optimizing payment processes, driving profitability and improving their customers' experience," Gjerding said.
Toscafund and Penta Capital also contributed $25 million in funding to CellPoint Digital in 2022.
With its Offer Order Service Delivery payments technology, the company aims to help move the industry toward modern airline retailing.
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The technology is meant to help brands boost revenue by improving authorization rates and providing a smoother payment experience during booking, giving customers more payment options and improving the customer experience.
According to CellPoint Digital, the technology should give merchants the ability to turn to a multi-acquirer payments model, which could help foster growth, cut costs and provide control and transparency during payments.
With the funding, the company also plans to accelerate its global expansion and expand its Alternative Payment Method (APM) hub.
CellPoint Digital recently established a partnership with Riyadh Air and is expanding its partnership with Sabre.