Paydock, a market-leading pure-play orchestration platform, recently announced a £25m Series A funding round.
This FinTech company is making strides in the rapidly growing payment orchestration sector, offering financial institutions and merchants a simplified way to connect to FinTech and payment systems.
The funding round was spearheaded by Silverstripe Investment Management Limited. This capital injection comes at a time when the payment orchestration sector is poised to grow to a massive $2.5trn by 2027, propelled by increasing demand from financial institutions for quicker, more secure, and user-friendly payment solutions.
Paydock offers a unique solution to the payment orchestration landscape. It provides financial institutions and merchants with rapid connectivity to FinTech and payment systems without disrupting current infrastructure.
Paydock’s platform is agnostic, helping customers to avoid hefty costs and risks that come with traditional multi-vendor payment solutions. The platform allows customers to ‘plug and play’ vendors whilst bridging common security gaps, and its bank-grade security posture sets it apart in the industry.
With its new funding, Paydock plans to work with selected institutions while continuing to offer its platform to merchants looking for frictionless access to the entire FinTech market. The company sees an urgent need within financial institutions to better support digital merchants, and Paydock aims to address these issues on a broad scale.
Paydock founder and CEO Rob Lincolne said, “We are thrilled to welcome Silverstripe to the Paydock story. Their experience and track record in the finance and tech sector will supercharge our mission to transform the payments sector for the better.” He added that the funding would “bring forward our ambitious vision of the future in payments.”
Alex Cuppage, partner at Silverstripe, expressed their excitement in partnering with Paydock, stating that Paydock has a “powerful platform that offers unparalleled flexibility, security, and reliability.”
Notably, Paydock has been adopted as a frontline strategy by major financial institutions and has also drawn substantial traction from merchants. It lists the Commonwealth Bank of Australia, retail giant Coles, and organisations like the United Nations High Commissioner for Refugees (UNHCR) among its blue-chip clientele.
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