Cartera Clinches New Funding Round

Cartera Commerce announced today it has received $12.2 million in funding from a group of investors led by Comvest Group.

Cartera, of Lexington, Mass., will use the capital for sales, product development, and operations that support increasing demand for offers from national and local merchants linked to credit and debit cards, as well as from banks and other providers of loyalty programs, Cartera said in a press release.

"Cartera's dramatic revenue growth, new solutions for local merchants, award-winning technology and strong management team position the company well to capitalize on this disruptive market opportunity," Pete Kight, co-chairman and managing partner of the Comvest Group and founder, former chairman and chief executive of CheckFree, said in a press release.

Fiserv acquired CheckFree in 2007.

Also contributing to the funding round were previous Cartera investors Flybridge Capital, Dace Ventures, LBO Enterprises, and Venture Capital Fund of New England.

The latest round brings Cartera's fundraising to $43 million, the release said. Cartera markets to 150 million consumers and 65 million card accounts.