SaaS Firm Payabli Raises $20 Million for Product Development, Security
Payment infrastructure solution firm Payabli raised $20 million in a Series A round.
The Software-as-a-Service (SaaS) company plans to use the funding to drive product development and reinforce security and scalability, according to a Tuesday (June 25) news release.
The company also plans to grow its customer base and enable its current software partners to integrate and activate easier and faster total processing volume, the release said.
Payabli offers client companies an API that allows them to customize payment acceptance and issuance, as well as payment operation tools, per the release. Software companies can make payments a core part of their business model by using the platform.
“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,” Payabli co-founder, co-CEO and Product Architect William Corbera said in the release. “[S]oftware companies have become the modern distribution for payment processing and rely on modern solutions like Payabli to run their payments business.”
The funding round was led by QED Investors, with participation from existing investors TTV Capital, Fika Ventures and Bling Capital.
In other news in the SaaS space, Forward raised $16 million in May, which it plans to use to help more SaaS companies add payments as a product. AccountsIQ secured $65 million in June in part to drive the international growth of its financial management system (FMS) SaaS.
Meanwhile, automated payments are gaining ground in the B2B payments space. As businesses continue to rely on old-school payment processes, payment innovations offer companies a faster way to pay and get paid, giving them a better grasp of their cash flow and allowing them to optimize their operations.
“Traditionally, payments were an afterthought,” Boost Payment Solutions Chief Operating Officer Illya Shell told PYMNTS in May. “But modernizing global B2B payments is an enormous opportunity.”
Shell said he envisions a landscape where globalization, cost-sharing models and tokenization of payment products will redefine the future contours of B2B payments by ensuring the payments themselves are done efficiently, effectively and at the lowest cost possible.
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