Payble, a payment workflow and customer engagement software firm, has recently closed a remarkable $3.5m funding round.
The investment, spearheaded by OIF Ventures, marks a significant milestone for the company.
The funds raised are earmarked for capitalising on the burgeoning demand for Payble’s citizen-centric payment solution, particularly in its initial focus area of local government payments. Additionally, Payble is setting its sights on global expansion, looking to take its innovative solutions to new markets.
At its core, Payble aims to revolutionise how local governments handle payments. The company’s solution is designed to increase on-time payments and reduce the administrative strain associated with billing processes. This is not just a win for the local governments but a significant boon for community satisfaction. One of the standout features of Payble’s platform is its flexibility; it allows ratepayers to transition from larger, less frequent payments to more manageable weekly or fortnightly ones without incurring additional costs. Furthermore, it offers the convenience of adjusting or skipping payments without cumbersome paperwork.
Elliott Donazzan, the Founder and Managing Director of Payble, highlighted the current financial strains on households and the subsequent impact on local councils. He noted that a significant portion of councils anticipates an increase in payment arrears.
Payble’s solution, according to Mr Donazzan, not only assists councils in offering a more flexible, self-service payment experience but also aligns with the budgeting needs of the community. This dual benefit streamlines administrative processes for councils and enhances community satisfaction.
“We’re really excited to have OIF Ventures on board,” Mr Donazzan said. “With their deep understanding of enterprise software and prior experience in helping early-stage companies grow within government, it was a perfect fit.”
From the investor’s perspective, Oliver Darwin, an Investor at OIF Ventures, expressed his admiration for Elliott Donazzan’s leadership and the strides Payble has made. “Elliott has a truly intimate understanding of the problems faced by his customers and has built a world-class team and solution to address them, which is delivering exceptional outcomes for both councils and ratepayers all around the country,” he said. “We’re incredibly proud and excited to be partnering with Elliott and the Payble team on this journey.”
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