Payra, a FinTech specialising in accounts receivable automation for construction and industrial suppliers, has secured fresh funding of $15m.
The company focuses on helping firms upgrade their receivables operations without replacing the enterprise resource planning (ERP) systems that sit at the centre of their finance functions.
The company has raised $15m in a growth investment from Edison Partners. The capital injection is designed to accelerate Payra’s expansion as demand grows among traditional businesses seeking to digitise payments and reconciliation without undertaking costly system overhauls.
Founded to address inefficiencies in construction and building supply finance operations, Payra integrates directly into established accounting platforms such as Trimble Viewpoint, Foundation, Sage and Netsuite.
Rather than requiring companies to “rip and replace” their existing infrastructure, the software embeds into legacy ERPs, enabling users to accept ACH, card and other digital payments. It also automates cash application and reconciliation processes, even within systems that often lack modern APIs, using proprietary AI-enabled technology.
The firm primarily serves a sizeable yet underserved segment of the US economy, valued at around $200bn, made up of construction suppliers, concrete producers, lumber yards, HVAC distributors and other industrial businesses.
Many of these companies generate millions in annual revenue but still rely heavily on paper invoices, cheques, spreadsheets and manual reconciliation to manage receivables.
Payra said the new funding will be used to enhance product capabilities, strengthen ERP integration partnerships and scale its go-to-market strategy across construction and industrial verticals. The aim is to deepen its footprint in a sector that has historically been overlooked by mainstream FinTech providers.
The company claims its customers have recorded a 20% reduction in days sales outstanding (DSO) and a 75% drop in past-due invoices, alongside notable time savings from automated cash application. Within 15 months of launch, Payra says it has reached a revenue run rate exceeding $10m, fuelled by adoption among family-owned and regional businesses across the US.
Payra CEO and co-founder Riley Lovingood said, “These businesses are the backbone of the economy, but they’ve largely been left behind by modern fintech. They don’t want to rip out their ERPs, they want faster cash flow, fewer past-due invoices, and less manual work. With Edison’s shared ethos for supporting America’s businesses and its expertise in payments and accounts receivables, we’re excited to scale efficiently and with focus.”
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