Last week, Highnote, an Oak portfolio company founded by John Macllwaine, earned a spot on the Forbes Fintech 50 list. Highnote is an embedded finance company setting the standard in modern card platform management. Its integrated technology enables companies to embed virtual and physical card payments, ledger, and wallet functionalities into their products.
As noted in Forbes, Highnote launched with its card-issuing software in 2020. Since then, the company has expanded significantly – now positioned in a category of one as the only embedded payments company that offers issuing, acquiring, and revolving credit on its platform.
We first met John just after he left Braintree, where he was the product and technical mastermind behind their offering. At that time, we were both ideating around company ideas in the next gen payments space – specifically how to meet the needs of small and mid-sized businesses that were largely ignored by major players in the space. John had (and continues to have) a unique blend of aptitude, attitude, and confidence that is needed for any founder trying to emerge as a winner in this space. His resume speaks for itself, but, as a seasoned leader, he has the important mix of conviction and experience that one can only get from reps in the industry. We were thrilled when he chose to partner with us on the initial concept for Highnote.
While we knew John would be a breakout founder when we first met him, Highnote is delivering beyond those expectations. The growth that John and team have driven is nothing outside of remarkable. Issuing growth (both TPV and revenue) grew 300% YoY in 2024, and expect to continue that space growth trajectory in 2025. Today, with more than 50 live customers and nearly 100 new programs going live in 2025, the company is seeing accelerated volume growth with larger subscribers and expansive product and operational functionality for its unified platform offering (acquiring, credit, and issuing).
We see particular velocity in the acquiring space. Similar to what is offered by Marqueta or Stripe, customers can now use Highnote to accept card payments online via plug-in checkout software or custom features. The API-based platform is directly integrated into major payment networks, making the onboarding and integration experience seamless – even for teams with limited engineering resources. And, with certification by all major U.S. card brands, Highnote offers a unique solution for SMBs and enterprises looking for a holistic approach to embedded payments.
Having raised its Series B earlier this year, the company is poised to scale growth across all three product offerings and gain meaningful market share against the incumbents that have become household names. We want to congratulate John and the entire Highnote team on this latest accolade from Forbes. We are humbled to be a part of your journey.