SurgePays Secures $7M Funding to Accelerate Nationwide Expansion in Wireless Technology

SurgePays Secures $7M Funding to Accelerate Nationwide Expansion in Wireless Technology

SurgePays, a prominent player in the wireless and financial technology sectors, has recently made headlines with its announcement of a significant financing deal worth $7 million. This funding is aimed at enhancing mobile and financial services for underserved communities, making it a pivotal development in the realm of FinTech solutions.

Details of the Financing Agreement

SurgePays has entered into a $7 million senior secured convertible note agreement with an existing institutional shareholder. This financing package consists of:

  • $6 million in cash
  • A buyback of 333,333 shares from the investor’s equity holdings

The note is set to mature two years from the date of issuance and can be converted after eight months at a fixed price of $4 per share. This price reflects a premium over the company’s closing rate as of May 13, 2025. SurgePays also retains the flexibility to repay the note early, adding a 2% premium plus accrued interest.

About SurgePays

Operating as both a mobile virtual network operator (MVNO) and a mobile virtual network enabler (MVNE), SurgePays provides essential infrastructure and services to various wireless providers. The company also boasts a proprietary point-of-sale (POS) platform utilized in numerous retail outlets across the United States. This platform facilitates:

  • Mobile activations
  • Top-ups
  • Digital financial services

Funding Utilization Plans

With the newly acquired funding, SurgePays plans to:

  • Accelerate the national rollout of LinkUp Mobile
  • Expand its MVNE wholesale operations

This strategic move follows the company’s recent integration and official launch with AT&T on April 1, 2025.

CEO’s Statement

Brian Cox, the CEO of SurgePays, expressed gratitude for the ongoing support from one of the company’s largest shareholders, stating, “This investment deepens our partnership and affirms confidence in our vision, strategy, and financial outlook over the next 12 months. It also fortifies our balance sheet and gives us the flexibility to accelerate execution of our national growth strategy.”

READ ALSO  Pipe Unveils Enhanced Developer Tools for Seamless Embedded Capital Integration in FinTech

For more information on SurgePays and its services, visit their official website at SurgePays.

For insights on the latest trends in FinTech and mobile services, check out our related articles.

Similar Posts

CFPB Halts Enforcement Actions: Consumers Risk Losing $2 Billion – What You Need to Know

CFPB Halts Enforcement Actions: Consumers Risk Losing $2 Billion – What You Need to Know

Bysupport

The Consumer Financial Protection Bureau (CFPB) has withdrawn its lawsuit against Capital One, which accused the bank of misleading customers about interest rates on its “360 Savings” accounts. This decision could forfeit up to $2 billion in customer reimbursements and raises concerns about consumer rights enforcement under the bureau’s new leadership. Advocacy groups warn that this move signals a leniency towards financial institutions that mistreat customers, potentially resulting in billions in lost relief. The CFPB is also reconsidering key consumer protection rules, heightening uncertainty about future enforcement and protections for consumers.

Glassbox Secures $1.2M Pre-Seed Funding to Launch Innovative AI-Powered Financial Tools

Glassbox Secures $1.2M Pre-Seed Funding to Launch Innovative AI-Powered Financial Tools

Bysupport

Toronto-based financial technology startup Glassbox has secured $1.2 million in a pre-seed funding round led by New York’s FinTech Collective and Toronto’s StandUp Ventures, with participation from Watertower Ventures. The funding will support Glassbox’s mission to modernize corporate finance by replacing outdated spreadsheet models with an AI-compatible financial analysis platform. Its proprietary FinScript framework allows users to input plain text instructions for data analysis, significantly enhancing efficiency. Glassbox plans to expand its development team, accelerate product launches, and improve collaboration among finance professionals, aiming to position itself as a key player in the financial services industry.

Kuady Boosts Digital Wallet Accessibility with Exciting New Partnership with Deriv

Kuady Boosts Digital Wallet Accessibility with Exciting New Partnership with Deriv

Bysupport

Kuady, a digital wallet provider, has partnered with Deriv, an online trading platform, to enhance payment services for traders in Latin America. This collaboration aims to improve the trading experience by offering faster transactions and seamless access to Kuady’s payment system for deposits and withdrawals. An exclusive promotion for Kuady users on Deriv will also be launched soon. The partnership underscores a commitment to security, compliance, and boosting conversion rates, facilitating quick and secure transactions as Deriv expands in Latin America. Both companies emphasize the importance of accessible financial tools for traders in high-growth markets.

FinTech Funding Surge: Over $1 Billion Raised This Week – Discover the Latest Deals!

FinTech Funding Surge: Over $1 Billion Raised This Week – Discover the Latest Deals!

Bysupport

In 2025, the FinTech sector began strongly, raising $1.2 billion across 30 deals within three weeks, with weekly totals exceeding $1 billion. Notable funding included Deel’s $300 million for its payroll platform and Openly’s $193 million for home insurance. The majority of investments targeted US-based firms, with Germany and the UK also participating. India emerged as Asia’s leading FinTech hub, despite a decline in deals. Key trends included a focus on infrastructure and enterprise software, while AI and generative AI were highlighted as disruptive technologies in asset management. The sector’s growth continues to attract significant investor interest.

Yavrio, the Trailblazing Open Banking Innovator, Raises $2.4 Million in Seed Funding

Yavrio, the Trailblazing Open Banking Innovator, Raises $2.4 Million in Seed Funding

Bysupport

Yavrio, an innovative FinTech company specializing in open banking solutions, has raised $2.4 million in a seed funding round led by Fuel Ventures, with notable investors like Sir Sajid Javid. Yavrio’s platform connects enterprise resource planning (ERP) systems directly to banks, enhancing transaction speed, security, and financial operations by eliminating manual CSV uploads. The funding will be used to improve infrastructure and expand into the U.S. market. Yavrio has integrated with over 10,000 banks and serves clients such as Yellow Group and Dermalogica. CEO John Lewis emphasizes the aim to automate bank reconciliations, transforming finance teams’ workflows.

VIA Raises $28 Million to Propel Expansion of Cutting-Edge Cybersecurity Platform

VIA Raises $28 Million to Propel Expansion of Cutting-Edge Cybersecurity Platform

Bysupport

VIA, a Boston-based cybersecurity firm, has raised $28 million in Series B funding to enhance its decentralized platform for data and identity protection, meeting high security standards required by the U.S. Department of Defense. The funding round was led by Bosch Ventures, with participation from BMW i Ventures, MassMutual Ventures, and others. VIA’s platform features a zero trust architecture designed to mitigate insider threats and ensure quantum-resistance, addressing evolving cyber threats. The funds will accelerate the deployment of VIA’s Web3 data protection solutions among large enterprises, revolutionizing enterprise security with advanced identity management and encryption capabilities.

Leave a Reply

Your email address will not be published. Required fields are marked *