ePayRails, a payments-as-a-service provider, has collected $2.45m in its Series A round.
Aspire Fund Management, a Trinidad & Tobago-based investment firm, led the round with a $2m contribution. The remaining capital was supplied by a consortium of private investors.
Funds from the round will be used to further the development of its technology, expand its sales and marketing capabilities, and invest in back-office client support.
The FinTech, which is based in the US, aims to improve payments through seamless reconciliation for both the customer and vendor via a secure B2B payments hub. ePayRails enables billers and payers to control the way they make and receive payments by offering a variety of payment methods.
Its solution can convert paper-based invoicing and payment processing to real-time, electronic systems which offer quick exchanging of data.
ePayRails CEO Richard Jackman said, “We are honoured to have gained the trust of all of our investors and look forward to putting this capital to work enhancing our solution and driving results.
“We are laser-focused on developing B2B payments solutions, products, and services that enhance our client’s ability to run their businesses with greater flexibility, utilize optimal payment modalities, and provide a single point of reconciliation with access to data in a way they could not get before.”
Copyright © 2019 FinTech Global
