Payabli, the payments infrastructure solution for software companies, has closed a $20M Series A. The round was led by QED Investors with participation from existing investors TTV Capital, Fika Ventures and Bling Capital based on the company’s greater than 3X revenue growth. The new round of funding will be used to drive further product innovation, reinforce security and scalability, fuel new customer acquisition, and empower existing software partners to integrate and activate total processing volume easier and faster.
Payabli’s API-first Payments Infrastructure and Monetization Platform allows software companies to make payments a core part of their business model. Payabli focuses on providing a single unified API to allow software developers to create any payment experience they need for payment acceptance and payment issuance, as well as robust payment operations tools to manage the tactical operations of a payments company.
“We’ve been resolute in our product vision of unifying Pay In, Pay Out and Pay Ops via a single unified API since founding the company. The strong traction and growth we’ve experienced over the last year is a testament to the fact that software companies have become the modern distribution for payment processing and rely on modern solutions like Payabli to run their payments business,” said William Corbera, Payabli’s Co-Founder, Co-CEO and Product Architect.
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“Our Seed round helped us establish credibility to go up-market and win larger partnerships, as well as develop innovative products like Creator, our no-code embedded component builder. Our Series A will be invested to further fuel innovation, particularly in our Pay Out and Pay Ops product categories, and better support our software partners to not only easily integrate our technology, but accelerate the activation of their total processing volume,” added Joseph Elias Phillips, Co-Founder and Co-CEO of Payabli.
Payabli is unique in the embedded payments category given the robustness of the company’s product offering focused on Pay In, Pay Out and Pay Ops. Payabli’s Payment Acceptance offering has nuanced vertical-specific capabilities that lend themselves to certain “Need-to-Pay” verticals, like property management, utilities, education, government and more. Moreover, the company’s Embedded Payables solution is an integral asset as it allows Payabli to grow existing customer’s share of wallet, and acquire customers that may already have an established payment acceptance integration but are interested in monetizing their sub merchants’ payables. Lastly, Payabli has been a pioneer in the unbundling of payment operations solutions, offering a-la-carte SaaS modules that software companies can leverage as they scale their payments business to take on more control over the user experience and to unlock superior economics.
“While software platforms are increasingly embedding payments and other financial products to generate new revenue streams and deepen customer engagement, the supporting payments infrastructure has not kept pace as traditional payment processors were not built with software platforms in mind,” said Laura Bock, Partner at QED Investors. “We were so excited when we met the Payabli team. Will and Jo bring a wealth of payments and software expertise having felt the pain firsthand while architecting Service Titan’s payments platform. There is a tectonic shift in payments volume onto software companies, and Payabli is building the next generation of payments infrastructure with this buyer front and center.”
Today, trillions of dollars in payment processing are shifting from legacy systems and traditional channels to vertical SaaS platforms, which act as industry-specific systems of record. This integration offers SaaS companies a chance to boost revenue and enhance customer experiences by embedding financial services directly into their software. To scale this payments monetization strategy, SaaS providers need modern infrastructure partners like Payabli. Payabli delivers the technology and expertise to seamlessly integrate payment solutions, helping SaaS companies expand their offerings, drive growth, and strengthen customer relationships.
“When we met Will and Jo two years ago, Payabli had just entered the market. What we saw then still applies today: Payabli’s robust product offering and easy-to-implement APIs solve a critical need for software companies, as they need modern infrastructure to successfully integrate payments into their platform,” said Neil Kapur, Partner at TTV Capital. “Payabli’s upward trajectory over the past year proves there is a strong product-market fit with even more growth to come. We continue to be impressed by Will and Jo’s leadership as they expand Payabli’s product offerings and forge new customer partnerships, and we are proud to support them in this next phase of the business.”
Payabli grew rapidly with over 340% growth in revenue in the previous 12 months leading up to the Series A round. Payabli works with over 60 software companies including Roofr.com, BuildOps, PayHOA, BuilderPrime, CurbWaste, FitDEGREE, Cubby and Edstruments. This latest round of funding will allow Payabli to hire more engineering leadership and talent to further propel innovation and scalability while hiring additional customer-focused team members to acquire further partners.
SOURCE: BusinessWire