Payabli closes $12,000,000 seed round to build software companies and payment companies
Payablethe Miami-based payments infrastructure company closed an $8,000,000 expansion seed round after raising an initial seed round of $4,000,000 in May 2022. The round was made up of existing investors TTV Capital, Fika Ventures And bling capital building on the company’s significant traction and promising growth prospects. In addition to institutional investors, Payable brought in key angels with Fintech expertise such as Louis Beryl (Rocketplace, Earnest) and Ershad Jamil (former Chief Growth Officer of ServiceTitan and advisor/investor to several tech startups).
PayableAPI First’s payments framework enables software publishers to make payments a central part of their business model. Payable focuses on providing a single unified API to enable software developers to create the payment experience they need for accepting and issuing payments, as well as robust payment operations tools for manage the tactical operations of a payment company.
“There is a tectonic shift of billions of dollars in payments volume migrating from legacy systems and distribution to vertical SaaS enterprises. other integrated financial products We have created Payable to make it much easier for software companies to build, manage and scale their own payment business,” said Joseph Elias Phillips, co-founder and co-CEO of Payable.
“We solved the most complex verticals and use cases, to ensure our product had depth, plus we knew that for every Pay-In case of use, merchants had a myriad Pay-Use cases that were very lucrative. Despite the need, there was a significant gap in the market for infrastructure that seamlessly combines payment acceptance with payment issuance to generate new revenue for software publishers. We are effectively giving software companies the ability to integrate their own type of Bill.com solution for their customers’ use,” added Co-founder and co-CEO William Corberaa serial entrepreneur and 20-year payments veteran who previously co-founded RevoPayments, one of the first leading payment platforms for HOA and vertical property management.
PayableThe focus on what they consider to be the 3Ps (PayIn, PayOut and PayOps) continues to be their primary focus. Its developer-friendly API allows software vendors to easily integrate omnichannel payment acceptance capabilities such as billing, virtual terminals, Card Present solutions, subscription billing, and more. They have invested in building robust accounts payable solutions like Managed Payables to help SaaS companies simplify and optimize the accounts payable process. They are also bringing to market innovative integrated payment categories such as on-demand payments and spend management, helping to address the universe of payment use cases for merchants across many verticals. Payableoffers unbundled payment transaction tools such as onboarding, underwriting, risk management, reporting and analytics, pricing and billing, dispute management and more, so SaaS businesses can manage the day-to-day operations of their payment business and generate meaningful revenue as a result.
“As software publishers look for creative ways to increase revenue, adding payments to the core 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 in building businesses, in-depth industry knowledge in the payments space, and continued product-market fit. to exceed expectations.”
“We strongly believe that brands, merchants and ISVs of all sizes should be able to transform payments from a complex and laborious cost center into a meaningful revenue generator that truly enhances their end customer experience” , says Gabriella Brignardello, Vice President of Fika Ventures. . “PayableThe turnkey solution made this possible, and we have full confidence in this team’s ability to win in the marketplace with Jo and Will at the helm.
“Every vertical software company has the potential to also be a payments company,” says Kyle Him, General Partner at Bling Capital. “We are particularly pleased to Payableis best-in-class product and technology that enables any software vendor to quickly launch custom payment solutions for their customers.
Payable experienced dramatic growth that nearly tripled in 2022 to 7-figure net revenue, securing multi-billion dollars in gross managed volume engaged and growing from 6 to 28 employees. The new funding round will serve to further catalyze growth, streamline and improve the implementation process for software vendors, and invest in continued product innovation, stability and security.