B2B electronic payments company Boost Payment Solutions has closed a $22m Series C funding round.

The round was led by Invictus Growth Partners. The company’s existing backers Mosaik Partners, INGWE Capital and North Atlantic Capital also joined the round.

Boost plans to utilise the new proceeds to support its global growth across several industry verticals.

The New York-based company works to optimise the use and acceptance of commercial cards as an alternative to conventional payment methods. It also works with commercial trading partners to enable credit card transactions.

The Boost Intercept Straight Through Processing (STP) platform is designed to automate the on-boarding, credit card transaction and reconciliation process for buyers and suppliers.

Boost founder and CEO Dean M. Leavitt said: “Boost’s unique positioning in the industry and the vast addressable market in B2B payments has led to tremendous growth that we expect will accelerate over the next several years.

“Invictus is the perfect partner for us, bringing not only capital, but also operational expertise, a broad network, and differentiated machine learning capabilities that will enhance our platforms and business. We are truly excited to have them as a partner.”

Invictus Growth Partners co-founder and managing partner William Nettles said: “B2B card payments provide many benefits for enterprises and this is one of the most attractive and fastest growing segments within FinTech.

“Dean and his leadership team have created a world class global organization that is built to scale and lead the space. We are honoured to partner with Boost and look forward to working with them in a collective effort to achieve their mission.”