Highnote, a leading modern card issuance and program management platform, has raised $90 million in Series B funding, propelling its expansion into U.S. merchant acquiring. The funding round was led by Adams Street Partners, with participation from existing investors Oak HC/FT, Costanoa, WestCap, and Pinegrove Venture Partners.
Highnote’s latest offering integrates pay-in and pay-out functionalities with its existing issuing services, providing customers a unified platform powered by a core general ledger. This innovation reduces costs and simplifies financial operations, enabling enterprise customers and B2B platforms to manage all transactions—internal, vendor, and customer-facing—seamlessly.
The acquiring solution is API-driven, allowing businesses to accept card payments through plug-in checkout software or custom-designed features. Built by the team behind Braintree, the platform directly integrates with major payment networks, offering streamlined data access, transparency, and enhanced economics. Certified by all major U.S. card brands, Highnote’s entry into acquiring positions it as a comprehensive embedded payments solution for SMBs and enterprises alike.
“Highnote’s transformational platform and impressive growth trajectory motivated us to lead this funding round,” said Robin Murray, Partner at Adams Street Partners. “We are excited to support the company’s vision to lead innovation in embedded finance.”
Highnote CEO John MacIlwaine emphasized the importance of the company’s move into acquiring:
“The acquiring landscape has evolved over time and represents an opportunity for next-generation customers to accelerate growth through embedded acquiring in addition to embedded issuing.”
Early adopters, such as Netevia, are already leveraging Highnote’s new platform. “Acquiring on Highnote’s unified platform is a game-changer for us,” said Vlad Sadovskiy, CEO of Netevia. “Highnote is radically reducing the friction and complexity for us to deliver seamless payment solutions to our clients.”
With its expanded capabilities, Highnote aims to serve fast-growing vertical solution providers, enterprise brands, marketplaces, and financial institutions seeking scalable and flexible platforms. This milestone solidifies Highnote’s position as a leader in embedded finance, capable of supporting the most demanding and innovative use cases in the industry.
The additional funding will fuel Highnote’s continued growth, enabling the company to enhance its technology, broaden its market reach, and strengthen its leadership in the embedded payments sector.
