March 27, 2018
LLR Partners announced a $30 million minority growth equity investment in Midigator. Midigator provides an industry-leading, fully-automated software platform to prevent, analyze and manage payment card chargebacks, thereby increasing merchant revenue and lowering costs. Key features of the platform include automated chargeback prevention alerts, intelligent chargeback representments with industry leading win-rates and real-time data analytics and reporting.
“Merchants, small and large, are struggling to keep pace with the rapid growth of fraud and payment card chargebacks. Midigator’s fully-automated software platform is uniquely positioned to help processors, acquiring banks, ISOs and merchants prevent and manage chargebacks,” said Corey Baggett, Founder & CEO of Midigator. “We are excited to welcome LLR as a strategic investor in our company – their deep payments experience and relationships across the financial services and technology ecosystems should help accelerate our next stage growth. This partnership is another step towards our goal of becoming the global standard for chargeback management and fraud mitigation.”
LLR is partnering with the existing Midigator management team to help expand product capabilities, fuel sales growth and build upon Midigator’s market leadership position in the rapidly growing, $6 billion per year card-not-present fraud market. Midigator’s technology automates chargeback management and provides a more effective solution to combating fraud and chargebacks compared to other third-party, manually intensive service providers.
“Corey is a great example of a smart and highly capable entrepreneur that created a solution to solve a problem he was dealing with on a daily basis,” said Ryan Goldenberg, Vice President at LLR Partners. “Corey developed the core Midigator platform to help his prior eCommerce business handle its own chargebacks. The result was a customer-centric approach to product development underpinned by a fundamental understanding of customer and market needs.”
“We are excited to partner with Corey, Mark Standfield, President of Midigator, and the rest of the Midigator team as they build upon a one-of-a-kind platform that is applicable to all participants in the payments ecosystem,” added Mitchell Hollin, Partner at LLR Partners.
Atlas Technology Group served as the financial advisor to Midigator in the transaction.