Commercial payment companies bag $80 million in the latest round of funding
In the latest round of funding by commercial payment companies, PayEngine and TransferMate have bagged $10 million and $70 million respectively.
In the former, PayEngine, a Los Angeles based B2B payments company, has raised $10 million in Series A funding led by Point72 Ventures along with participation from Mucker Capital, BAM Ventures and K5 Global.
As noted, the company will use this funding towards its growth and expansion across its services to offer more financial products with its platform.
“Software companies have the opportunity to generate additional revenue from payments flowing through their platforms, but most lack the resources or desire to become a payment facilitator (PayFac) given the complexity and resources required,” said Adam Carson, operating partner at Point72 Ventures.
The company helps SaaS platforms to improve their “payments monetization strategies while mitigating Merchant of Record (MOR) liabilities and data security and compliance issues”.
In the latter, Dublin-based B2B payments company, TransferMate has raised $70 million in its funding round which brought the company’s valuation to $1 billion with now $130 million raised in funding in total.
The company noted that this funding would be utilized for the expansion of the team globally and to invest in its technology innovation and product suite.
Terry Clune, TransferMate’s founder noted that with its technology and license network, it has been able to offer services to businesses and FIs across the globe and is “cheaper than the traditional SWIFT system”.
The company has cross-border payment services in more than 201 countries and 141 currencies. The funding round was managed by Barclays Bank PLC, acting through its investment bank
This month, Xepelin raised $111 million in the latest round of funding making the total funds raised by commercial payment companies till now to $1,439 million.