FILE - This file photo taken Nov. 18, 2009, shows a pile of MasterCard and VISA credit cards in Frankfurt, Germany. Heads are still spinning over credit card bills and charges. A law that went into effect in February 2010, requires banks to provide numerous consumer protections, including clearer monthly statements. Yet confusion about some practices remains widespread. (AP Photo/Jochen Krause, File)
FeeFighters, a well-known company in the city noted for being active in the local technology scene, has built a credit card processing comparison shopping tool for businesses, allowing them to switch providers and save, the firm claims, an average of 40 percent.
Over time that 40 percent adds up to a meaningful amount of cash for a small or medium business.
FeeFighters has, according to its own notes, grown traffic by 500 percent since the start of 2011, putting it on an incline that should have the firm rapidly expanding its revenues. As the company has tripled the size of its team since its 2009 launch, that is likely a priority.
The company, now confident in its model and foothold in the United States, is looking toward international expansion. Assuming that FeeFighters can untangle the financial lines of other markets, it could quickly expand around the globe, country by country, and keep its growth rates steady. The company entered the Canadian market early this year, and sees its larger international plan being in place by the end of the year.
FeeFighters has raised 1.53 million dollars, with its most recent round being a $1 million dollar investment that came in January. 500 Startups and the Hyde Park Angles were participants. Of course, FeeFighters is a classic Chicago company in the sense that it has a firm eye on growing its cash flow, a tendency that is slowly setting the city apart from other areas of concentrated startup action.
The company attributes its growth to the fact that its customers "love them."
With fresh money in the bank, growing traffic, and expanding revenue, FeeFighters is a Chicago success story that we will be discussing for years to come.
Alex is a writer and technologist who covers emerging companies in the Midwest. He has worked previously for numerous early stage technology companies, contributes to The Next Web, and has a particular interest in watching the social web monetize.