PayEngine, a Los Angeles-based white-label B2B payments facilitation platform, announced that it has raised $10M in a Series A funding led by Point72 Ventures. Other investors, including Mucker Capital, BAM Ventures, and K5 Global, also participated in the investment.
How will the funding be used?
The funding will enable the US company to grow its team, expand access to clientele, develop more financial product offerings within its platform and shore up its international support.
“Our mission has always been to give clients full control of their payment processing by allowing them to move this function in-house,” says Spartak Buniatyan, founder and CEO of PayEngine. “With this round of funding, PayEngine can continue to add value to our current product line and expand our service line to improve operating performance and mitigate risk.”
Helps vertical market software vendors
Founded by Spartak Buniatyan, PayEngine is a payments platform designed to help vertical market software vendors maximise payment revenue, eliminate liability and reduce complexity, and own and improve customer experience.
With this platform, software vendors can set their own rates over interchange, control margins, and retain the majority of their profits; eliminate MOR liability and dispute management, PCI/data security, and compliance issues; and integrate with APIs, drop-in widgets, and customisable UI.
The PayEngine platform can increase annual recurring revenue (ARR) by an average of 30% since it allows businesses to set their own merchant rates.
Pau Engine’s solution can be integrated alongside a company’s other core software products in a matter of days, claims the company.
Investor
Based out of New York, Point72 Ventures is an every-stage global VC fund focused on fintech, deep tech, and enterprise investments led by Steven A. Cohen. A couple of months back, the VC also invested in Monite, a Berlin-based embedded finance platform.
“Software companies have the opportunity to generate additional revenue from payments flowing through their platforms, but most lack the resources or desire to become a payment facilitator (PayFac) given the complexity and resources required,” says Adam Carson, operating partner at Point72 Ventures.
“PayEngine is a PayFac-as-a-service platform that enables software companies to monetize the payments flowing through their platforms quickly and easily.”
“It is gratifying to know that Point72 Ventures and our other funding partners see the disruptive potential of PayEngine’s product line,” Buniatyan says.
“This Series A support will allow us to improve the customer experience, provide more innovative services and expand our access to clientele that have been historically underserved or ignored,” he adds.
