Payall, a bank processor for cross-border payments and international money transfers, has closed a $10m seed round led by Andreessen Horowitz (a16z).
Additional participants in the round included Motivate VC along with PS27 Ventures and Bridgeport Partners, with SAFE conversions from RRE Ventures and Transcard.
In addition, payment, security and technology entrepreneurs, innovators and investors, including Chuck Bernicker, Nish Bhalla, Matt Gillin, Stefan Happ, Kabir Syed and Chris Winship, also participated in the funding round.
Founded in 2018 and based in Miami Beach, Florida, Payall describes itself as the world’s first bank processor for cross-border payments.
Combining the disciplines of payment processing, banktech and RegTech, Payall said its unique technology powers a new paradigm for global correspondent banking-as-a-service and de-risks this massive, growing category.
Payall’s proprietary software and business processes collect new, data-rich artifacts that overcome the high risk of cross-border payments—with a solution that the company said it 100% turnkey, 100% compliant and 100% user friendly.
Funds processed through the Payall platform move globally “at the speed of data”. Recipients, including unbanked persons, receive their money in minutes, via the payment channel of their choice, such as mobile money, prepaid card or bank account.
Gary Palmer, Payall founder and CEO, said, “a16z is rightly famous for the landmark assertion that ‘every company will be a FintTech company.
“We agree 100% with this thesis and believe regulated financial services businesses worldwide should be enabled with FinTech capabilities to participate fully in cross-border payments and international money transfers—safely, securely and compliantly.”
Anish Acharya, general partner at Andreessen Horowitz, added, “We’re committed to supporting the next generation of default global companies and see a massive opportunity for Payall to become the compliance backbone for all cross-border payments.
“Until now, international banking transactions have been disjointed, cumbersome and largely perceived as high-risk. We are excited about Payall’s vision to restore trust and transparency to foreign banking processes and strongly believe in Gary’s ability to execute.”
Last year, Andreessen Horowitz led a $9m Series A round for Phantom, a crypto wallet and browser extension for accessing decentralized finance (DeFi) applications.
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