Potomac, MD (PRWEB) July 23, 2014
Diamond Mind, the nation’s leading provider of payment solutions for independent schools, announced an investment by Serent Capital, a growth equity firm based in San Francisco that invests in profitable, high-growth businesses.
“Over the past decade, we have been hyper-focused on offering the most compelling payment solutions to independent schools by delivering technology innovation, seamless integration, best-in-class customer service, and campus-wide expertise. We now serve over 850 of the nation’s most prestigious schools – regardless of size, affiliation or location.” said Katherine Novikov, Founder and CEO of Diamond Mind.
“As we continue to scale, we wanted to bring on an investment partner who could provide additional resources to help us capitalize on the growth opportunities ahead, while enhancing our commitment to serving our schools for the long term. We felt Serent was the perfect partner to help us expand our business and improve our customer experience. Serent’s expertise and resources will be invaluable as we take our company to the next level.”
Recognizing the challenges schools face with generic or no payment solutions, Diamond Mind and its mature eco-system of partners provides credit card processing, eCheck processing, purchase cards and payments-related software applications geared to the campus-wide needs of all independent schools. The company’s unique focus on serving independent schools’ processing needs has led to significant growth and leadership in the market resulting in a 788% growth rate over the past 3 years and culminated in Diamond Mind recently receiving the 2014 ACG National Capital Emerging Growth Award.
Diamond Mind has been fielding investment interest since the company’s first appearance on Inc. magazine’s “Inc. 500” list in 2010. Serent Capital was introduced to the company after investing time pursuing the intersection of investment themes in payment processing and education. “Diamond Mind has established itself as a leader in payment solutions for schools thanks to its payments and campus-wide expertise,” said Kevin Frick, co-founder and General Partner of Serent Capital. “In addition to the many testimonials that speak volumes about the company’s customer service, their industry leading retention rate of over 99% demonstrates the value they provide to customers.”
He continued, “We couldn’t be more excited to have the opportunity to collaborate with the Novikovs as partners, as they retain their equity ownership in the business, and grow the Diamond Mind team of school and payment experts and business leaders.”
ABOUT DIAMOND MIND
Diamond Mind is the nation’s leading provider of payment solutions for independent K-12 schools serving 850+ schools for over a decade. Diamond Mind offers credit and debit card processing, eChecks, purchase cards and payment software. The company’s suite of solutions are specifically tailored to allow school business managers to consolidate, streamline and reconcile payments across campus to reduce costs, minimize risk and improve the payment experience for parents, often leading to increased parental participation. Diamond Mind’s full spectrum of cost effective campus-wide payment solutions address tuition, online giving and donations, events, summer programs, admissions, enrollment, bookstore, and purchase card programs. Diamond Mind was founded in 2003 and is headquartered in Potomac, MD.
More information can be found at http://www.diamondmindinc.com.
ABOUT SERENT CAPITAL
Serent Capital invests in growing businesses that have developed compelling solutions that address their customers' needs. As those businesses grow and evolve, the opportunities and challenges that they face evolve with it. Principals at Serent Capital have firsthand experienced at capturing those opportunities and navigating the challenges through their experiences as CEOs, strategic advisors, and board members to successful, growing businesses. By bringing its experience and capital to bear, Serent helps growing businesses thrive.
More information can be found at http://www.serentcapital.com.
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