Tampa digital payments firm picks up $50M investment

Tampa-based restaurant and retail digital payments firm Mad Mobile has picked up $50 million in financing from Morgan Stanley Expansion Capital and Bridge Bank. 

The funds, according to a statement, will be used to “amplify the expansion” of its Software as a Service and payment technologies, refinance existing debts, and propel sales growth. The funding announcement comes some 18 months after the company announced $20 million in funding from Eastman Capital Partners. 

"We are excited to begin our collaboration with Morgan Stanley Expansion Capital and Bridge Bank as we further broaden our reach into more restaurant and retail markets,” Mad Mobile CEO Bruce Bennett says in the release. 

Spurred by an increasing need for mobile and flexible retail and restaurant payment software, the firm offers mobile point-of-sale services, mobile ordering, self-checkout, mobile fulfillment and contactless payment. 

Mad Mobile now processes some $3 billion in payments annually, working with mobility and enterprise software with brands that include Apple, Amazon and Salesforce., and more than 21,000 major restaurant and retail locations use Mad Mobile’s technology. The firm owns and operates the CAKE point-of-sale solution, which it acquired from Sysco Corp. in 2020. 

"We are thrilled to support Mad Mobile's team as they embark on their next phase of expansion and growth,” Morgan Stanley Expansion Capital Managing Director Peter Chung says in the statement

Morgan Stanley Expansion Capital is the growth-focused private investment platform within Morgan Stanley Investment Management.