Miami-based PayTech startup Payabli has raised $8m in an extension funding round, adding to the $4m it raised for its seed round in May 2022.
Contributions to the round came from TTV Capital, Fika Ventures and Bling Capital. Several angel investors also joined the round, including Louis Beryl and Ershad Jamil.
With the capital, the company plans to bolster its growth, streamline and enhance the implementation process of its technology, and support its innovation efforts.
This investment comes after a strong period of growth for Payabli. During 2022, the company nearly tripled its revenues to reach seven figures.
Payabli’s API First Payments Infrastructure is a unified API that allows companies to easily implement a payment system. It supports payment acceptance, payment issuance and robust payment operations tools to manage the tactical operations of a payments company.
Its omni-channel payment acceptance capabilities include invoicing, virtual terminals, card present solutions, subscription billing and more. Other features include accounts payable, spend management, onboarding, underwriting, risk management, reporting, analytics, dispute management and more.
Payabli co-founder and co-CEO William Corbera said, “We solved for the most complex verticals and use-cases, as a way of ensuring our product had depth, moreover, we knew that for every Pay-In use case, merchants had myriad Pay-Out use cases that were very lucrative. Despite the need there was a significant gap in the market for infrastructure that seamlessly marries Payment acceptance with Payment Issuance to drive new revenue for Software companies.
“We’re effectively giving software companies the ability to embed their own Bill.com type of solution for their customers’ use.”
In other PayTech news, Saudi Arabia-based PayTech company Tamara raised $150m in a receivables warehouse facility from Goldman Sachs. Its flagship solution is a buy now, pay later service.
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