Invoice solution platform VersaPay has raised around $10.7m from the sale of common shares.
The company completed the non-brokered private sale of 6.29m common shares in the company at $1.70 apiece.
Canada-based VersaPay provides cloud-based invoice-to-cash solutions to help businesses speed up financial operations and ensure invoices are paid quicker. The platform ARC system gives clients a self-service environment where they can view digital invoices, collaborate on inquiries and disputes, and ensure online payments are secure.
Through the offering businesses can automate accounts receivable operations, automate cash application and access credit and collection management. Current clients using the solution include Children Wish, Logistical Labs, Torani, Teachers Life, TerraDatum, Vantage Point Corporation and InvenTrust Properties, among others.
Following the new line of equity, the total capital raised by the company has reached around $15.5m, with VersaPay collecting around $4.8m in 2015.
Earlier this month invoice and payment company Taulia scored $20m in a funding round, which brings its total equity raised to around $159m.
Invoicing received a sudden boost in financing in Q2 2017, with it pulling in around $365m in seven deals, which compares to the previous quarter only bagging $23m.
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