Pagos collects $10m in seed funding

Pagos, which develops data and insight SaaS technology to improve payments infrastructure, has collected $10m in seed funding.

The round was led by Underscore VC and Point72 Ventures, with commitments also coming from former Venmo GM Amit Jhawar, Google president Bill Ready, Finix VP Billy Chen and Microsoft GM Rich LaBarca.

With the capital, the company hopes to scale its data platform and API-driven microservices.

Pagos CEO and co-founder Klas Bäck said, “This funding is invaluable to accomplishing our mission to deliver the payment intelligence infrastructure we’ve heard business after business request.

“Now it’s time to scale the team and empower companies to accelerate business growth, create long-term customer relationships, and be the creators of completely new business models.”

Its current platform supports immediate payment data visualisation, automatic notifications on payment trends and up-to-date bank identification number details to manage customers and track costs.

Speaking on the deal, investor Billy Chen said, “If Pagos was around when I was running payments at Uber it would have saved us so much time and resources. We spent too much time learning the ‘trade secrets’ of managing auth performance and payments costs when it should be standardized. Instead we could have focused on unique issues tied to Uber’s business.”

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