Paymetric, the leading provider of integrated and secure enterprise payment acceptance solutions, today announced they have secured an $8 million second round of financing.
Palomar Ventures based in Santa Monica, CA, led the round with a $5 million infusion, which was complimented by existing investor Austin Ventures' participation of $3 million.
"Even during these trying economic times, Paymetric secured additional funding from Austin Ventures and secured a new financial backer in Palomar Ventures," said Larry Wine, CEO at Paymetric. "We feel our ability to add investors in this very difficult financing environment bears strong testimony to the strength of our company and business strategy."
Paymetric is using the working capital to manage through the company's shift in cash flow due to launching a new Software as a Service (SaaS) model to all their customers, allowing Paymetric to invest in research and development of future products and services.
"I am convinced Paymetric is uniquely positioned to lead the electronic payments industry in innovation and service," said Jim Gauer, Managing Director, Palomar Ventures. "Our investment underscores their significant potential."
Michael Rovner, Partner, Austin Ventures, agrees. "We're excited about the market opportunity for their SaaS product launch and the incredible rate at which Paymetric is gaining customer loyalty. This latest round of funding highlights our confidence in the company's continued growth."