Digital payment solution Payrailz has closed a $6.1m investment from First Data, Live Oak Ventures, Woodforest National Bank, Webster Bank and TTV Capital.
Payrailz utilises technology like AI, open APIs and cloud-based infrastructure to automate payment tasks for users. The solution offers advanced bill payment and money transfers to banks and credit unions.
This application can be used by consumers and businesses, with P2P options and external transfers. Payment methods are available through a variety of channels, including voice-enabled devices, interactive messaging, online and mobile channels and payment bots.
Woodforest National president and COO BankJames Dreibelbis said, â€œPayrailz goes beyond a typical payments company, offering advanced technology that sets it apart from the current payments solutions offered by the industry. Payrailzâ€™s approach to payments will give consumers an unmatched and more engaging experience compared to what is available in the marketplace today.â€
Earlier in the year,Â First Data acquired payments processor CardConnect in a deal worth around $750m. First Data, which is a commerce tech and solutions firm, used a combination of cash and credit facilities to complete the transaction. In the same month, the firm went on to form a partnership with Chinese payments giant Alipay, in a bid to increase international presence of both businesses.
FinTech investment firm TTV Capital closed its fourth fund earlier in the year on $93m, which is over double the size of its predecessor. The vehicle is made up with capital from a sovereign wealth fund, endowments, foundations, family offices, Invest Georgia and strategic investors among its limited partners.
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