{"id":12787,"date":"2019-06-13T15:17:11","date_gmt":"2019-06-13T15:17:11","guid":{"rendered":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/?p=12787"},"modified":"2022-10-14T18:28:46","modified_gmt":"2022-10-14T22:28:46","slug":"payveris-picks-up-7m-for-digital-money-movement","status":"publish","type":"post","link":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/technology\/payveris-picks-up-7m-for-digital-money-movement.html","title":{"rendered":"Payveris Picks up $7M for Digital Money Movement"},"content":{"rendered":"\n<p>The <em><a href=\"https:\/\/www.tmcnet.com\/query\/searchresults.aspx?searchstring=payveris&amp;Action.x=0&amp;Action.y=0\">Payveris<\/a> MoveMoney Platform, an Open API cloud-based platform enabling financial institutions to control, simplify + extend digital money movement capabilities to any application\/device <\/em><\/p>\n\n\n\n<p>Moving money is  a huge business. Western Union, Paypal, Venmo&#8230; There are numerous players and lots of opportunity.<\/p>\n\n\n\n<p>The ACH market alone moves 23 billion payments and $51 trillion in 2018!<\/p>\n\n\n\n<p>There arr impressive growth rates in this market worthy of disruption:<\/p>\n\n\n\n<p>\u2022\u00a0\u00a0 \u00a0Business-to-business (B2B) payments, up 9.4 percent to 3.6 billion, total value $34.9 trillion<br>\u2022\u00a0\u00a0 \u00a0Direct Deposit, up 4.4 percent to 6.8 billion, total value $9.7 trillion<br>\u2022\u00a0\u00a0 \u00a0Internet payments, up 14.2 percent to 5.9 billion, total value $2.9 trillion<br>\u2022\u00a0\u00a0 \u00a0<a href=\"https:\/\/www.nacha.org\/news\/healthcare-providers-are-receiving-more-claim-payments-ach\">Payments from health\u00a0plans\u00a0to medical and dental providers, up 11.5 percent to 306.7 million, total value $1.59 trillion<\/a><br>\u2022\u00a0\u00a0 \u00a0Person-to-person (P2P) payments, up 32.2 percent to 128.7 million, total value $209.6 billion <\/p>\n\n\n\n<p><\/p>\n\n\n\n<ul class=\"wp-block-gallery columns-1 is-cropped wp-block-gallery-1 is-layout-flex wp-block-gallery-is-layout-flex\"><li class=\"blocks-gallery-item\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"783\" height=\"694\" src=\"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-content\/uploads\/2019\/06\/ach-nacha-infographic-783x694.png\" alt=\"\" data-id=\"12789\" data-link=\"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/?attachment_id=12789\" class=\"wp-image-12789\"\/><figcaption>Partial <a href=\"https:\/\/www.nacha.org\/system\/files\/2019-05\/Full-Year-ACH-Network-Volume-and-Value-Infographic-2018.pdf\">infographic <\/a>courtesy of NACHA<\/figcaption><\/figure><\/li><\/ul>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Silicon Valley-based Mosaik Partners, which led the Series C round, also led the Series D.\u00a0 All other institutional investors in the Series C participated in the Series D, including Black Dragon Capital, Connecticut Innovations and Ironwood Capital.\u00a0 A top 20 credit union joined the round as a strategic investor in Payveris.<\/p>\n\n\n\n<p>Here is a bit of irony. Payveris is located somewhat near New York &#8211; the financial capital of the world &#8211; yet the lead funding is coming from Silicon Valley. Still, there is a dearth of tech companies in Connecticut and as <a href=\"http:\/\/www.tmcnet.com\">TMC <\/a>is located here as well &#8211; any funding, is great funding. \ud83d\ude42<\/p>\n\n\n\n<p>We love to see the Connecticut tech ecosystem grow.<\/p>\n\n\n\n<p>\u201cWe are\ndelighted that our existing investors and our new strategic partner are\nconvinced the company will maintain its high-growth trajectory,\u201d said Ron\nBergamesca, Payveris CEO. \u201cThe additional funding will allow us to significantly\nexpand our investment in platform development, organizational infrastructure\nand sales and marketing initiatives to further solidify our position as the\npremier provider to progressive financial institutions determined to take\ncontrol of their digital payments destiny, while simplifying and modernizing\ntheir money movement infrastructure.\u201d<\/p>\n\n\n\n<p>David Dame,\nPayveris\u2019 board chairman commented, \u201cSince Ron and the rest of current\nexecutive team joined Payveris, the company has performed at a very high level,\nnow providing innovative payment services to over 240 financial institutions,\nincluding the recent signings of a top 100 bank and a top 20 credit union and\nsecuring an investment from another top 20 credit union.&nbsp; With the current\nleadership team, the board is confident the company will continue to gain\nsignificant market share.\u201d<\/p>\n\n\n\n<p>Howard\nMergelkamp, Managing Partner at Mosaik Partners added, \u201cWe led the Series C\nbecause of the potential we saw in Payveris. The company\u2019s recent track record\nof strong performance confirmed our investment thesis and compelled us to also\nlead the Series D round.&nbsp; We are excited about where the company is\nheading and look forward to even more success in the future.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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&#8230; There are numerous players and lots of opportunity. The ACH market alone moves 23 billion payments and $51 trillion in 2018!<\/p>\n","protected":false},"author":44,"featured_media":12790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[118],"tags":[1867,2077,2076],"post_mailing_queue_ids":[],"_links":{"self":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts\/12787"}],"collection":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/comments?post=12787"}],"version-history":[{"count":1,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts\/12787\/revisions"}],"predecessor-version":[{"id":12791,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/posts\/12787\/revisions\/12791"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/media\/12790"}],"wp:attachment":[{"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/media?parent=12787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/categories?post=12787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.tmcnet.com\/blog\/rich-tehrani\/wp-json\/wp\/v2\/tags?post=12787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}