Group payment solution company Pay By Group has received an undisclosed investment from Czar Ventures and other unnamed backers.
This investment will be a follow-on investment from Czar.
San Francisco-based Pay By Group enables friends and family to collaborate or split costs of a shared purchase. Payments, which users can make the payments via their phone, can be made in various forms, with an option for paying their deposits, or paying through an invoice individually.
One offering allows a company to set up an instalment option, where different users make their payment by the end of a certain date, to help with the different financial flexibility of groups.
Czar Ventures Suhel Kothari of said. “We are excited to participate again in the opportunity to invest in Pay By Group. They provide the perfect solution for e-commerce group payments.”
Pay By Group previously raised a $3.4m seed round in 2016, with SparkLabs Global Ventures leading the investment. Other backers to the round included Great Oaks Capital, 500 Startups, Payment Ventures, Amino Capital and Kima Ventures.
Last week was very active for payments and remittance companies, with nine closing a new round of funding. Of the companies to pick up money, POS solution developer Appetize raised a $20m investment led by Shamrock Capital Advisors. The capital was raised to support the development of its technology and improve its data and analytics capabilities.
The payments and remittance sector has seen a two-quarter decline, falling from $5bn in Q2 2017, to $1.3bn in the final quarter of last year.
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