ORLANDO, FL--(Marketwired - Aug 18, 2016) - Fattmerchant, a subscription-based merchant services provider offering unlimited credit card processing at direct cost, is proud to announce its selection as one of the 50 companies statewide on the 2016 Florida Companies to Watch(SM) list. This recognition is given through a statewide program managed by economic development group GrowFL, in association with the Edward Lowe Foundation. Fattmerchant was selected from more than 500 nominees, and the list recognizes companies expected to see significant growth over the next several years.
"Our team is honored to be recognized among 50 impressive Florida companies focused on building their business and leading Florida's entrepreneurial economy," said Sal Rehmetullah, co-founder and COO of Fattmerchant. "2016 has already been a substantial year for Fattmerchant after a successful funding round that allowed us to grow the team and acquire more customers."
Fattmerchant has seen substantial growth within the past year and is on track to hit $750 million in transactional volume for their customers in 2016, a 681 percent increase from 2015, and to transact more than $1 billion total by the end of the year. Fattmerchant has raised $2.25 million in total funding since 2015, and its employee count has grown from four to 25 employees in less than 18 months.
"This is a strong group of companies that deserve this special recognition given annually to the state's top second stage companies," said Dr. Tom O'Neal, executive director of the Florida Economic Gardening Institute and associate vice president for the University of Central Florida's Office of Research and Commercialization. "Second-stage companies are defined as those with six to 150 full-time employees and between $750,000 and $100 million in annual revenue. There are many programs and incubators promoting start-up businesses; GrowFL is the only Florida program that focuses exclusively on second-stage companies."
The 50 companies named the 2016 Florida Companies to Watch generated a total of more than $1.1 billion in revenue and added nearly 1,200 employees between 2012 and 2015. Together, the companies project a 30 percent increase in revenue and 33 percent increase in job growth in 2016.
For more information about Fattmerchant, visit www.fattmerchant.com.
Fattmerchant is a subscription-based merchant service provider offering unlimited payment processing at direct cost for a flat monthly membership and no contract. Suneera Madhani, CEO of Fattmerchant, founded the company in 2014 after working in the credit card processing industry for four years, wanting to create and sell a product that was transparent and provided value to the everyday business owner. Fattmerchant offers credit card processing for every business type, without adding mark-ups or other fees, and providing free equipment, no contract and no ancillary fees.
More About GrowFL:
GrowFL provides strategies, resources and support, including strategic research and peer-to-peer CEO mentoring and leadership development, to second-stage Florida companies. Created by the Florida legislature in 2009 and grounded in the philosophy of Economic Gardening® -- growing existing businesses in a community, region or state -- GrowFL is a critical component of the state's economic development strategy and Florida's entrepreneurial ecosystem. GrowFL is certified by the National Center for Economic Gardening through the Edward Lowe Foundation. Website: growfl.com
About the Edward Lowe Foundation:
Established in 1985, the Edward Lowe Foundation is a national, nonprofit organization that supports entrepreneurship through research, recognition and educational programs, which are delivered through entrepreneur support organizations (ESOs). The foundation focuses on second-stage companies -- those that have moved beyond the startup phase and seek significant, steady growth. In addition, the foundation has a second mission of land stewardship and is committed to preserving the natural resources and historically significant structures at Big Rock Valley, its 2,600-acre home in southwest Michigan.