Boston-based payment platform LevelUp announced Tuesday that it raised $50 million in its largest funding round to date.
Longtime partner and investor JPMorgan Chase led the round, with participation from US Boston and CentroCredit Bank.
The funds will be used to fuel hiring, product development and national expansion, according to a press release.
The company is hiring in all the key areas of the business – engineering, marketing, sales and support, but doesn't have an exact number of new employees they're looking to bring on, Alex Shuck, director of marketing and analytics at LevelUp, said.
LevelUp currently has 150 employees, up from 85 this time last year.
The mobile network connects customers and merchants with a payment platform that has payments, analytics and rewards baked in. LevelUp also develops “white label” custom mobile payment and loyalty apps for more than 200 restaurant brands including sweetgreen, Tropical Smoothie Cafe and Potbelly Sandwich Shop.
Consumers using LevelUp’s mobile payment app can order meals ahead of time from hundreds of local restaurants and earn rewards without having to wait in long lunch lines.
"LevelUp has grown rapidly over the last several years, and this funding sets us up to accelerate our growth this year and next,” said Seth Priebatsch, Chief “Ninja” of LevelUp.
The latest funding round brings LevelUp’s total funding to $85 million.
