Israeli e-commerce company FiftyOne Inc. has raised $4 million in a financing round from current investors. The company has revenue and profits.
FiftyOne, founded by serial entrepreneur Yuval Tal in 1999 as E4X, has developed a payments solution for online retailers for international customers. The basic need was to save the retailers and customer the hassle of dealing with exchange rates. Site owners could let customers pay in any currency and the company would make the currency conversion and charge a commission.
As e-commerce grew, E4X changed its name to FiftyOne in 2007, and expanded its products line. The company now offers a package of payments and logistics products that facilitate online retailers' global sales. Services include payments processing, cost calculations, and an international settlement management center.
FiftyOne has raised $30 million since it was founded. Investors include Israel's Pitango Venture Capital, Plenus Venture Lending Fund, Delta Ventures, US funds Adam Street Partners, JPMorgan, and Online Ventures, as well as private investors.
FiftyOne says that whereas most US retailers operate in dollars, 80% of their online customers are outside the US. It says that its turnkey solution can help US retailers reach more than 1.4 billion online consumers in 91 countries. Recent clients include GAP Inc. (NYSE: GPS), Macy's, Cooking.com, Sears Holdings Corporation (Nasdaq: SHLD), fashion chain Tillys, and Woodwind and Brasswind musical instruments chain.
Published by Globes [online], Israel business news - www.globes-online.com - on July 19, 2010
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