To the incredible Stax community: allow us to take a moment to recognize a milestone that we are extraordinarily proud of—our 10th anniversary.
The year 2024 is a special one for everyone at Stax because we’re celebrating a decade of transforming the payments industry and supporting our merchants and partners with innovative technologies and unwavering support.
From multiple acquisitions to leadership changes, the company has continuously evolved. We’ve adapted to challenges and seized opportunities to serve our partners and merchants better.
Today, Stax is stronger than ever, and to celebrate this major milestone, we’ve put together a timeline that shows the company’s journey and demonstrates the team’s growth over the years.
Sprinkled throughout this article are quotes from some of Stax’s long-standing employees, because who better to tell the company’s story than the people who help make it happen?
Talk to sales
Let’s start at the beginning
Stax—then called Fattmerchant—launched in July 2014 and was immediately viewed as a disruptor in the payments space due to its subscription-based model and transparent pricing for SMBs.
As we reflect on some of our key milestones and achievements, it’s the dedication and passion of our team that have truly defined Stax’s success.
“I’ve been at Stax for 8 years now. I’ve been motivated to stick around because of Stax’s spirit of innovation and originality,” says Julia Olson, Senior Director of Portfolio Management.
“We have the courage and trust in ourselves to build what we know will be best for our merchants, the industry, and our employees. I love that energy, and it keeps my job interesting and new, even after all this time.”
Marni Mullikin, Director of Partner Success, echoes this. As someone who’s been at Stax for ten years, she has witnessed the company transform from a startup into an industry leader, and the journey has been incredibly fulfilling.
“Not many get to be part of a startup and watch it go through each phase as it evolves from a small business to a unicorn. I have been able to watch and be part of pitch competitions, capital raises, slow times, busy and record breaking times, a pandemic, achieving unicorn valuation. Seeing the founders exit and new leadership come in.” Mullikin continues, “A lot has happened in 10 very short years. I don’t think that I would have gotten this type of experience anywhere else. This has truly catapulted my skills and career.”
The early years (2014-2018)
The first four years of Stax were the quintessential startup experience. We quickly built a name for ourselves locally in Orlando and across the U.S., completed our Series A, B, and C funding rounds, and laid the foundation for the rapid growth that was to come.
Direct sales for the win
Throughout this period, the company heavily focused on direct sales to get merchants on board.
Olson, who established Stax’s original Sales Operations team, says those initial years were crucial in defining the company’s sales strategy. “We focused on supporting the sales team through data, training, CRM management, enablement, and content creation. That team morphed into Revenue Operations, where we began focusing on all process improvement initiatives throughout the company to make our revenue-facing teams more efficient.”
Building an empowering culture
These early years were also foundational to the company’s culture.
Olson recalls brainstorming with the founders to establish the company’s brand voice.
“I walked them through a lot of fun thought exercises to pinpoint our brand voice, one being ‘If Fattmerchant (Stax) were a celebrity, who would they be?’”
“After much debate, we landed on Paul Rudd with glasses on. We wanted to be approachable, friendly, and easy to understand while also being tech-forward and smart. Putting glasses on Paul Rudd felt like the perfect match!”
This approachable and friendly persona applied to more than just how we spoke with merchants. We also embodied these traits internally, ensuring the team operated in an inclusive, supportive, and fun environment; traits that remain at Stax’s core today.
As David Johnson, Senior Software Engineer, puts it, “My motivation for working at Stax for eight plus years has primarily been the culture and the ability to make a measurable impact. Stax is a fun place to work! The people are smart and supportive. Asking questions is encouraged and your voice is always heard, no matter your level or how long you’ve been here.”
Expansion and recognition (2019-2021)
By 2019, we entered our expansion phase, and Stax made big moves that propelled us to the next level of growth and visibility. Our initiatives caught the attention of the press and other industry leaders, and the Stax started raking in awards.
Here are some of the notable accomplishments during this period.
Launching PayFac and ISV solutions
In 2019 and 2020, Stax became more than just a payment processor for merchants. We wanted to provide value to other players in the payments ecosystem, so we launched PayFac solutions in 2019.
Mullikin recalls how pivotal this move was for expanding our offerings:
“We worked with our processors to ensure smooth and consistent onboarding for our larger merchants but also wanted to ensure that if there was a risk hold, it was resolved as quickly as possible. This was around the time that Fattmerchant decided we were going to be a Payfac.”
Not long after that, Stax ventured into the ISV world, with Mullikin joining the initiative.
“I was approached to move into the business development team to start building our ISV channel, known today as Stax Connect. We had a book of referral partners and some integrated ISVs onboarded, but this was the next big thing for us,” she says.
“In 2020, Ricky Dunbar, VP of Professional Services, joined the team, and we hit the ground running. It was a startup all over again. We worked on implementing new SaaS companies and getting them live.”
A major rebrand
The following year, 2021, was huge for the company as this was when Fattmerchant rebranded to Stax. The name Stax was chosen to better represent our role as a leading, innovative payment solutions provider.
This move brought with it a new logo, brand identity, and website, along with enhanced mobile and desktop experiences for our customers.
Strategic acquisitions
2021 was the year we completed three strategic acquisitions:
- Fusebill (now Stax Bill) – A billing platform that enables SaaS companies to manage their subscriptions and recurring payments
- CardX (now CardX by Stax) – A seamless surcharging solution to help merchants maintain compliance with surcharging laws
- Payment Depot – A company with similar offerings to Stax’s direct business, which offered a subscription-based pricing model for payment processing
Acquiring these companies enabled Stax to offer more comprehensive payment solutions. This move significantly broadened our product offerings so we could deliver more tailored and efficient payment solutions to a wider range of businesses.
Awards and recognition
As mentioned earlier, these formative years also solidified Stax’s reputation through awards, which include:
- Deloitte Tech Fast 500 (2021 and 2022)
- Inc. 5000 Fastest Growing Private Companies
- Best Places to Work awards
Achieving unicorn status (2022)
2022 was another big year.
We completed our Series D funding of $245 million, establishing Stax as a “unicorn” with a valuation of $1 billion.
We also added private equity investments from:
- Greater Sum Ventures (GSV)
- HarbourVest Partners
- Blue Star Innovation Partners
- PSG
A year of transformation (2023)
Change was in the air in 2023. The founders moved on from the company and we welcomed Paulette Rowe as our new CEO mid-year.
Paulette was joined by several experienced executive leaders from the payments industry including Amy Waldhauer, Chief Commercialization Officer; Jenn Reichenbacher, Chief Marketing Officer; Lisa Roberts, General Counsel; Mark Sundt, Chief Technology Officer; and Dave Winters, Chief Administration Officer.
Under the new leadership, Stax embraced a renewed vision and we rallied to provide even more value to merchants and partners using our technologies.
Acquiring APPS
We completed our acquisition of Atlantic Pacific Processing Systems (APPS) which paves the way for Stax to become an end-to-end processor.
Through this acquisition, we welcomed APPS CEO Abe Maghaguian to serve as Chief Payments Officer and Sarah Gerald, APPS COO, to become Chief Operating Officer of Processing at Stax.
And thanks to this acquisition, nearly 50 team members from APPS joined the Stax team.
Finishing the year strong
Despite the many changes, we ended 2023 with over 25% year-over-year growth. By year’s end, the team had completed a major migration project, a significant milestone achievement.
This set the stage for continued momentum and future expansion in the payments industry.
Looking to the future (2024 and beyond)
The journey continues. As we marked our tenth year this past month, we have lots to celebrate with loads of opportunities ahead.
Ongoing process refinements and investments in new solutions
We continue to refine and build processes to drive efficiency and scale. Our goal is to optimize our operations, deliver seamless experiences, and fuel our continued expansion.
Additionally, we are investing in new products to enhance the experience of Stax’s embedded payments partners and direct customers.
Stax Processing
Another key goal for Stax? Taking on the responsibility for more of the processing flow by leveraging Stax owned and operated tech to deliver a more seamless and flexible offering for ISV partners and merchants.
The team is hard at work setting up our back-end processing capabilities which is a key milestone in the Stax journey to become an end-to-end processor.
Empowering the Stax team
Last but not least, we will continue to invest in our team so that every member feels valued and is equipped for success.
None of our achievements would be possible without the Stax employees, or as we like to say, Stax Pack, who bring their passion, dedication, and expertise to work every day.
We have a strong team in place who is equally committed to our mission, vision, and values. When asked where they see Stax in the next 10 years, the team members we spoke with offered optimistic perspectives on Stax’s future.
Olson hopes Stax will be recognized as the go-to payments provider for businesses everywhere.
“I hope to see Stax become the household name of payments. We put innovation and a customer-first mentality at the forefront of everything we do, and to see that continuing to grow would mean the world. Merchants and ISVs deserve a payments company driven by people who care about them, and I can tell you that everyone I’ve worked with for the last eight years has shown that,” she says.
Mullikin shares a similar vision of Stax becoming a recognized industry leader.
“What I hope to see for Stax over the next decade is to become what it initially set out to be when we rebranded. We have wanted to be our own processor—a brand name in the industry. With all the smart people and new leadership, I see Stax being that.”
Meanwhile, Johnson emphasizes the incredible transformation he’s seen over the years and shares his excitement for what’s to come.
“I’ve seen the company go from around a dozen to a team of over three hundred. It’s crazy to think about how much progress we’ve made, and I’m excited to see where we go from here.”
Final words
As we celebrate this incredible milestone, we extend our deepest gratitude to our employees, partners, and customers. Your dedication, trust, and support have been the driving forces behind our success.
We’ve achieved so much together, and we’re thrilled to continue this journey with you!
Here’s to the next decade of innovation, growth, and making a lasting impact in the payments industry. Thank you for being a part of the Stax story. ❤️
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