FeeFighters, a local startup that helps small businesses compare credit-card processors, has raised $1.6 million in a new round of funding.
FeeFighters, which was previously named TransFS, provides a comparison shopping Web site for credit-card processors and holds reverse auctions where small businesses get bids from processors. The business was launched in 2009 by Sean Harper and Joshua Krall, classmates at the University of Chicago’s Booth School of Business. Harper said in a press release that FeeFighters’ service lowers credit processing fees by an average of 40 percent for small businesses.
The $1.6 million in new financing will go toward an expansion of FeeFighters’ products and marketing.
Sandbox Industries, a Chicago-based venture capital firm and incubator, led the funding round. Other investors included OCA Ventures, i2a Fund and Hyde Park Angels, all locally based, as well as California-based 500Startups and Arizona Bay Technology Partners. Hyde Park Angels and 500Startups also participated in an August fundraising round that brought in $510,000 for the company.
wawong@tribune.com
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This is great – these guys provide a great money-saving opportunity for small businesses, a startup that is desperately needed and frankly I’m surprised it’s taken so long to get it off the ground. Congrats to the Feefighters.com team