Embedded payments platform Payabli has closed a $20 million Series A.
California-based Payabli provides a single unified API to allow software developers to create any payment experience they need for payment acceptance and payment issuance, as well as payment operations tools to manage the tactical operations of a payments company. This includes vertical-specific capabilities that lend themselves to certain “Need-to-Pay” businesses, like property management, utilities, education, and government.
The firm. which currently works with over 60 software companies, posted 340% growth in revenue in the previous 12 months leading up to the Series A round.
Joseph Elias Phillips, co-founder and co-CEO of Payabli, says: "Our Series A will be invested to further fuel innovation, particularly in our Pay Out and Pay Ops product categories, and better support our software partners to not only easily integrate our technology, but accelerate the activation of their total processing volume.”
The new round of funding was led by QED Investors with participation from existing investors TTV Capital, Fika Ventures and Bling Capital based on the company’s greater than 3X revenue growth.
“While software platforms are increasingly embedding payments and other financial products to generate new revenue streams and deepen customer engagement, the supporting payments infrastructure has not kept pace as traditional payment processors were not built with software platforms in mind,” says Laura Bock, partner at QED Investors. “There is a tectonic shift in payments volume onto software companies, and Payabli is building the next generation of payments infrastructure with this buyer front and center.”