Payabli Closes $12,000,000 Seed Round to Make Software Companies, Payments Companies
Payabli, the Miami based Payments Infrastructure company has closed an $8,000,000 extension round after raising an initial $4,000,000 Seed round in May 2022. The round was composed of existing investors TTV Capital, Fika Ventures and Bling Capital based on the company’s significant traction and promising growth prospects. In addition to the institutional investors, Payabli has brought on key Angels with Fintech domain expertise such as Louis Beryl (Rocketplace, Earnest) and Ershad Jamil (Former Chief Growth Officer of ServiceTitan and Advisor / Investor to multiple tech startups).
Payabli’s API First Payments Infrastructure 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 whatever 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.
“There’s a tectonic shift of trillions of dollars of payments volume migrating from legacy systems and distribution to Vertical SaaS companies. At ServiceTitan we experienced first hand the incredible power of unlocking latent revenue from Payments and other embedded finance products. We created Payabli to make it much easier for Software companies to build, manage and scale their own Payments Business” said Joseph Elias Phillips, Co-Founder and Co-CEO of Payabli.
“We solved for the most complex verticals and use-cases, as a way of ensuring our product had depth, moreover, we knew that for every Pay-In use case, merchants had myriad Pay-Out use cases that were very lucrative. Despite the need there was a significant gap in the market for infrastructure that seamlessly marries Payment acceptance with Payment Issuance to drive new revenue for Software companies. We’re effectively giving software companies the ability to embed their own Bill.com type of solution for their customers’ use” added Co-Founder and Co-CEO William Corbera, a serial entrepreneur and 20 Year Payments veteran who previously Co-Founded RevoPayments one of the first and category leading Payment Platforms for the HOA and Property Management Vertical.
Payabli’s emphasis around what they deem the 3Ps (PayIn, PayOut and PayOps) continues to be their core focus. Its developer friendly API allows for Software companies to easily integrate omni-channel payment acceptance capabilities like Invoicing, Virtual Terminals, Card Present solutions, subscription billing and more. They’ve invested in building robust Payables solutions like Managed Payables to help SaaS companies simplify and optimize the Accounts Payables process. They’re also bringing to market innovative embedded payouts categories like On-Demand Payouts and Spend Management, helping address the universe of Payouts use cases for merchants across numerous verticals. Payabli, offers unbundled Payment Operation Tools like Boarding, Underwriting, Risk Management, Reporting and Analytics, Pricing and Billing, Dispute Management and more, so that SaaS companies can manage the day to day operations of their Payments business and command meaningful revenue as a result.
“As software companies look for creative ways to grow revenue, adding payments as a core part of their business model is a powerful lever,” says Neil Kapur, Partner at TTV Capital. “Simply put, Jo and Will have everything we look for in a founding team – a proven track record of scaling businesses, deep industry knowledge in the payments space, and product-market fit that continues to outperform expectations.”
“We strongly believe that brands, merchants, and ISVs of any size should be able to transform payments from a complex and laborious cost center to a meaningful revenue driver that actually enhances their end customer experience,” says Gabriella Brignardello, Vice President at Fika Ventures. “Payabli‘s turnkey solution has made this possible, and we have full confidence in this team’s ability to win in the market with Jo and Will at the helm.”
“Every vertical software company has the potential to also be a payments company,” says Kyle Lui, General Partner at Bling Capital. “We are particularly excited about Payabli’s best in class product & technology that makes it easy for any software company to quickly launch customized payment solutions to their customers.”
Payabli has shown dramatic growth nearly tripling in 2022 to 7 figures in net revenue, securing several billion dollars in committed gross managed volume and growing from 6 to 28 employees. The new round of funding will go to further catalyzing growth, streamlining and enhancing the implementation process for Software companies, and investing in the continual innovation, stability and security of the Product.
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