Daily venture one-sixth of way to $100M fundraising target

More than 50 invest in year-old payment processor

Charge Payment, the latest processing company launched by Greg Daily, has raised $16.6 million from a group of investors as it looks to build on two 2013 acquisitions.

Payment sector veteran Daily and his small team of fellow industry veterans filed papers with the Securities and Exchange Commission Friday saying they had landed financing from 51 people. The $16.6 million takes Charge Payment one-sixth of the way to a goal Daily set a year ago, when he set up the company and soon after acquired a Georgia processor. The money raised since the beginning of this month is in the form of debt with the option to acquire another form of security.

In announcing the hiring of an operations vice president, Daily three months ago said more acquisitions are in the works for Charge Payment. The company now processes close to $2 billion of transactions annually.

Charge Payment's filing also shows Daily calling on his network of former associates as he builds Charge Payment. Listed among the directors of the company are Clay Whitson, the edo Interactive CFO who held the same position at iPayment from 2002 to 2010 and also worked with Daily at PMT Services during the 1990s, and John Harrison, senior managing director of the Mezzanine Capital Team at Harbert Management who was a longtime iPayment director.