PaySimple closes $16 million funding round
29 September 2011 | 3026 views | 0
PaySimple, the leading provider of accounts receivable automation solutions for small businesses, today announced that it has closed a $16M financing led by Susquehanna Growth Equity, LLC (SGE).
PaySimple is an established leader in providing both direct and custom-branded cloud-based receivables solutions to small businesses. The PaySimple solution is unique in that it enables businesses to accept payments, automate their billing and manage their customers all with one integrated solution. Results have shown that by using PaySimple, small businesses are able to save time on billing, receive payments faster and grow customer revenues.
As part of the investment, Amir Goldman of SGE will be joining the Company's board of directors.
Eric Remer, Chief Executive Officer of PaySimple, stated: "We are delighted to announce this investment by SGE to accelerate and enhance our abilities to both deliver and support solutions that meet the evolving needs of our customers and partners. I am particularly excited that SGE shares our vision for solutions built around the convergence of the cloud, payments and CRM for small-to-mid sized businesses. With SGE as our new strategic investor, we are well positioned to leverage the investment and our established position to capture new opportunities that lie ahead in a fast moving market."
"PaySimple represents a tremendous opportunity for us to invest in a business that is already a market leader with an outstanding customer and partner base, and help support its next stage of growth," commented Mr. Goldman. "The payments and receivable management marketplace is continuing to develop at a fast rate but also offers significant opportunities for innovation, particularly with the introduction of new mobile based solutions. Our investment of growth capital will also support PaySimple in its mission to deliver outstanding service levels to its customers while meeting the unprecedented demand from large enterprises to provide custom-branded solutions to their small business customers."