CardConnect: payment processer moves from Cleveland to King of Prussia

CardConnect, a payment processing firm founded in 2006, quietly relocated its headquarters — and 25 of its employees — from Cleveland to King of Prussia nearly a year ago.

Back then, the company was known as Financial Transaction Services. Now, rebranded as CardConnect, the King of Prussia office employs 50 employees and plans to double that number in the next two years, according to a release.

The company, which aims to streamline payments, reported $251 million in revenue in 2012. CardConnect’s customers include the New York Times, Adobe and Jefferson University Hospitals.

CTO Rob Nathan’s office at CardConnect headquarters.

Though King of Prussia is now its headquarters, CardConnect has more than 90 employees across the country, including offices in cities like Boca Raton, Fla., Kansas City and Chicago.

We’ve heard of startups moving halfway across the country but once that employee count breaks double digits, the relocations tend to be more noteworthy. For his reason why, president Jeff Shanahan said it was always his hope that he could bring the company back to the region since he lived in the area before cofounding CardConnect in Cleveland. He cites the region’s growing tech community, “well-educated workforce” and proximity to companies CardConnect has acquired, like Princeton Payment Systems, as business reasons for relocating.

Shanahan said he was pleasantly surprised by CardConnect’s staffers willingness and enthusiasm to relocate to the area.

“Even those who were unsure at first soon joined in our excitement after visiting the area,” he said through a spokeswoman. “It made the rebrand process that much more exciting, creating a ‘We’re in it together’ energy among everyone who moved here on this adventure together.”

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