PayEngine lands $10 million for growth and expansion
B2B payments platform PayEngine said it secured $10 million in Series A funding that it plans to use to grow its team, expand customer access, develop more financial products and improve its service offerings. international support, according to a company announcement Monday, May 23. .
PayEngine’s platform helps software-as-a-service (SaaS) companies in verticals such as home services, automotive, construction, healthcare, and transportation improve their payment monetization strategies.
Global venture capital firm Point72 Ventures led PayEngine’s fundraising effort, with participation from private equity firms Mucker Capital, BAM Ventures and K5 Global.
“With this round of funding, PayEngine can continue to add value to our current product line and expand our range of services to improve operational performance and mitigate risk,” said Spartak Buniatyan, Founder and CEO of PayEngine. . “This Series A support will allow us to improve the customer experience, provide more innovative services, and expand our access to a customer base that has historically been underserved or ignored.”
PayEngine said its platform can increase customers’ annual recurring revenue (ARR) by an average of 30% because it allows businesses to set their own merchant rates. This allows merchants to keep most of their profits while eliminating the liability and hassle typically associated with other payment models.
The platform can be customized for customer use and integrated with companies’ other core software products, the press release said.
Related: Modulr raises $108 million for in-app payments expansion
Last week, integrated payments platform Modulr announced it had raised $108 million in a Series C funding round led by investment firm General Atlantic.
The London-based company plans to use the funds to expand its geographic footprint and extend its coverage of customers and partners with the aim of becoming, as founder and CEO Myles Stephenson said in the announcement, a “champion pan-European payments”.
Modulr’s technology allows businesses to integrate payments into their platforms without having to build and manage their own payment systems.