Payments processor First Data Corp. said it has received $3.5 billion in new investment, financially stabilizing the firm and reducing its debt burden.

Private equity firm KKR and Co., which owns Atlanta-based First Data, said June 19 that $1.5 billion of new money came from its own funds and those of existing investors, while $2 billion came from new investors, which included a "diverse group of pension funds, mutual funds, asset managers and wealthy individuals."

First Data has not said exactly how many credit unions process debit or credit transactions on its card platform, but industry experts estimated between 500 and 1,000 credit unions and banks use at least one First Data service.

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