US-based payment infrastructure and monetisation platform Payabli has secured $20 million in a Series A funding round led by QED Investors.
Existing investors TTV Capital, Fika Ventures and Bling Capital also participated in the funding round, which is based on Payabli’s 340% revenue growth over the past 12 months.
Payabli will use the investment on areas such as product innovation, security and scalability, and to add new customers.
It intends to hire more engineering “leadership” and “talent” to drive its innovation and scability plans, and will also bolster its customer-focused team to help it acquire partners.
Payabli provides software developers with a single unified API to enable them to create a “payment experience”, such as payment acceptance and issuance, as well as payment operations tools.
“We’ve been resolute in our product vision of unifying pay in, pay out and pay ops via a single unified API since founding the company,” said William Corbera, Payabli’s co-founder, co-chief executive officer and product architect.
“The strong traction and growth we’ve experienced over the last year is a testament to the fact that software companies have become the modern distribution for payment processing and rely on modern solutions like Payabli to run their payments business.”
Joseph Elias Phillips, co-founder and co-chief executive officer of Payabli, said the company used its seed round to “establish credibility”, form partnerships and fund the creation of products, including its no-code embedded component builder ‘Creator’.
“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,” added Phillips.
Payabli has raised $32 million in venture capital, to date.
“Payabli’s robust product offering and easy-to-implement APIs solve a critical need for software companies, as they need modern infrastructure to successfully integrate payments into their platform,” said Neil Kapur, partner at TTV Capital.