Payveris Picks up $7M for Digital Money Movement

The Payveris MoveMoney Platform, an Open API cloud-based platform enabling financial institutions to control, simplify + extend digital money movement capabilities to any application/device

Moving money is a huge business. Western Union, Paypal, Venmo… There are numerous players and lots of opportunity.

The ACH market alone moves 23 billion payments and $51 trillion in 2018!

There arr impressive growth rates in this market worthy of disruption:

•    Business-to-business (B2B) payments, up 9.4 percent to 3.6 billion, total value $34.9 trillion
•    Direct Deposit, up 4.4 percent to 6.8 billion, total value $9.7 trillion
•    Internet payments, up 14.2 percent to 5.9 billion, total value $2.9 trillion
•    Payments from health plans to medical and dental providers, up 11.5 percent to 306.7 million, total value $1.59 trillion
•    Person-to-person (P2P) payments, up 32.2 percent to 128.7 million, total value $209.6 billion

Payveris just announced a $7 million series D for its digital money movement technology to accelerate client acquisition, platform innovation and the scale-up of the organization as the company continues its rapid growth.

Silicon Valley-based Mosaik Partners, which led the Series C round, also led the Series D.  All other institutional investors in the Series C participated in the Series D, including Black Dragon Capital, Connecticut Innovations and Ironwood Capital.  A top 20 credit union joined the round as a strategic investor in Payveris.

Here is a bit of irony. Payveris is located somewhat near New York – the financial capital of the world – yet the lead funding is coming from Silicon Valley. Still, there is a dearth of tech companies in Connecticut and as TMC is located here as well – any funding, is great funding. 🙂

We love to see the Connecticut tech ecosystem grow.

“We are delighted that our existing investors and our new strategic partner are convinced the company will maintain its high-growth trajectory,” said Ron Bergamesca, Payveris CEO. “The additional funding will allow us to significantly expand our investment in platform development, organizational infrastructure and sales and marketing initiatives to further solidify our position as the premier provider to progressive financial institutions determined to take control of their digital payments destiny, while simplifying and modernizing their money movement infrastructure.”

David Dame, Payveris’ board chairman commented, “Since Ron and the rest of current executive team joined Payveris, the company has performed at a very high level, now providing innovative payment services to over 240 financial institutions, including the recent signings of a top 100 bank and a top 20 credit union and securing an investment from another top 20 credit union.  With the current leadership team, the board is confident the company will continue to gain significant market share.”

Howard Mergelkamp, Managing Partner at Mosaik Partners added, “We led the Series C because of the potential we saw in Payveris. The company’s recent track record of strong performance confirmed our investment thesis and compelled us to also lead the Series D round.  We are excited about where the company is heading and look forward to even more success in the future.”

 

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