Monetary phrases of the deal weren’t disclosed.
Icon will use the funding to develop the enterprise and increase its geographic attain, Simon Wilson, co-head of global payments solutions on the firm mentioned in an interview.
The funding comes amid a worldwide acceleration in digital fee volumes, partly as a result of COVID-19 lockdowns which have pushed extra commerce and enterprise flows on-line.
The fallout of the pandemic has additionally elevated price pressures on banks, making them extra eager to digitize their companies in a bid to economize.
On the similar time, banks and established fee companies face elevated competitors from youthful and extra digital-savvy firms that are not burdened by legacy expertise.
“The banks are having to seek out methods of slicing prices, however with the competitors on the market they cannot afford to simply slash and burn,” Wilson mentioned. “They’re pressured to have a look at modern methods to do issues. It is merely not sustainable to stay on the fee base with the outdated expertise they’ve.”
Icon’s purchasers embrace HSBC Holdings Plc, Wells Fargo & Co and Citigroup Inc, in accordance with its web site.
Sara Castelhano, Europe, Center East and Africa head of funds, digital and options at JPMorgan wholesale funds, will be part of Icon’s board of advisors, the businesses mentioned.