Payworks Raises $14.5M To Grow POS Technology

Payworks announced that it has completed a $14.5M Series B financing round with CommerzVentures and Visa, as well as existing investors Speedinvest and Finparx participating in this round.

Founded in 2012, Payworks offers a variety of omnichannel payment providers a next-generation payment gateway technology, operated in the cloud and provided in a Software-as-a-Service model.

“With the rapid evolution of how customers pay and get paid, Visa is committed to ensuring secure, fast and convenient payments at the point of sale,” said Carleigh Jaques, SVP, global head of digital merchant products at Visa. “As a payments industry leader, Visa is excited to help the Payworks team grow and bring innovative solutions to market and enable merchants to remain at the forefront of digital payments evolution.”

In addition to its gateway solution, Payworks also offers its customers a full suite of developer tools and integrations, including loyalty programs and CRM.

“CommerzVentures invests in founders with a passion for innovation and proven ability to execute,” said Stefan Tirtey, managing partner of CommerzVentures. “We back businesses that can have a significant impact on the financial services industry. We believe that Payworks has both: a great team and an offering that can have real impact in the fast-changing world of card payments.”

The new funds will be used to expand Payworks’ global reach, with an emphasis on increasing its R&D and product teams across offices in Munich, New York, London and Barcelona. Last August, the company announced its technology will support the integration of Alipay for mobile payment providers and Chinese consumers across the European Union.

“We are on a great mission to build a new operating system for the point of sale and are very excited to have CommerzVentures and Visa join us on that journey,” notes Christian Deger, CEO and founder of Payworks. “With the additional funding, we are fully equipped to further develop our technology and product and support the demand coming from leading payment players looking to modernize their solutions.”