B2B payments platform PayEngine said it has secured $10 million in Series A funding that it plans to use to grow its team, expand access to clients, develop more financial products and improve its international support offerings, according to a Monday (May 23) company announcement.
PayEngine’s platform helps Software-as-a-Service (SaaS) companies in verticals including home services, automotive, construction, healthcare and transportation improve their payments monetization strategies.
Global venture capital firm Point72 Ventures led PayEngine’s fundraising effort, with participation from capital equity firms Mucker Capital, BAM Ventures and K5 Global.
“With this round of funding, PayEngine can continue to add value to our current product line and expand our service line to improve operating performance and mitigate risk,” Spartak Buniatyan, founder and CEO of PayEngine, said. “This Series A support will allow us to improve the customer experience, provide more innovative services and expand our access to clientele that have been historically underserved or ignored.”
PayEngine said their platform can increase clients’ annual recurring revenue (ARR) by an average of 30% since it allows businesses to set their own merchant rates. Doing so lets merchants retain most of their profit while eliminating liability and difficulties that are usually associated with other payment models.
The platform can be branded for client use and integrated with companies’ other core software products, the press release said.
Related: Modulr Raises $108M for Embedded Payments Expansion
Last week, embedded payments platform Modulr announced it has raised $108 million in a Series C round led by equity firm General Atlantic.
The London-based company plans to use the funds to expand its geographic footprint and extend its client and partner coverage with the goal of becoming, as founder and CEO Myles Stephenson said in the announcement, a “pan-European payments champion.”
Modulr’s technology lets businesses build payments into their platforms without needing to build and manage their own payment systems.