Payabli Closes $12,000,000 Seed Round
Payabli, the Miami-based Payments Infrastructure company has closed an extension round of USD 8,000,000 after raising an initial $4,000,000 Seed round in May 2022. The round was composed of existing investors TTV Capital, Fika Ventures and Bling Capital based on the company’s considerable traction and promising growth prospects. In addition to the institutional investors, Payabli has brought in key angels with Fintech domain expertise such as Louis Beryl (Rocketplace, Earnest) and Ershad Jamil (former Chief Growth Officer of ServiceTitan and advisor/investor of several tech startups).
Payabli‘s API First Payments Infrastructure allows software companies to make payments a core part of their business model. Payabli focuses on providing a simple unified API to allow software developers to create the payment experience they need for payment acceptance and payment issuance, as well as robust payment operations tools to manage the tactical operations of a payment company.
“There is a tectonic shift of trillions of dollars in payment volume migrating from legacy systems and distribution to vertical SaaS companies. At ServiceTitan, we experienced the incredible power of unlocking latent revenue from payments and other embedded financial products. We created Payabli to make it much easier for software companies to build, manage and scale their own payments business”, said Joseph Elias Phillips, co-founder and co-CEO of Payabli.
“We solved the most complex verticals and use cases as a way to ensure our product had depth, and we knew that for each Pay-In use case merchants had countless Pay– Exploitation cases that were very lucrative. Despite the need, there was a significant gap in the market for infrastructure that seamlessly combines payment acceptance with payment issuance to generate new revenue for software companies. We effectively give software companies the ability to embed their own Bill.com-type solution for their customers’ use,” he added Co-founder and co-CEO William Corberaa serial entrepreneur and 20-year payments veteran who previously co-founded RevoPayments, one of the first and category-leading payment platforms for the HOA and Property Management Vertical.
Payablitheir emphasis on what they consider the 3Ps (PayIn, PayOut and PayOps) continues to be their core focus. Its developer-friendly API enables software companies to easily integrate omni-channel payment functions such as invoicing, virtual terminals, card presentation solutions, subscription billing and more. They have invested in building robust Payables solutions such as Managed Payables to help SaaS companies simplify and optimize the accounts payable process. They are also launching innovative built-in payout categories such as On-Demand Payouts and Spend Management, helping to address the universe of payout use cases for merchants across a variety of verticals. Payablioffers unbundled payment operations tools such as onboarding, underwriting, risk management, reporting and analytics, pricing and invoicing, dispute management and more, enabling SaaS companies to manage the day-to-day operations of their payments business and achieve meaningful revenue as a result.
“As software companies look for creative ways to grow revenue, adding payments as a core part of their business model is a powerful boost,” says Neil Kapur, Partner at TTV Capital. “Simply put, Jo and Will have everything we look for in a founding team – a proven track record of scaling businesses, deep industry knowledge in the payments space, and product-market fit that continues to exceed expectations.”
“We strongly believe that brands, retailers and ISVs of all sizes should be able to transform payments from a complex and labor-intensive cost center to a meaningful revenue driver that actually improves their end-customer experience,” says Gabriella Brignardello, Vice President of Fika Ventures. “Payabliits turnkey solution has made this possible, and we have full confidence in this team’s ability to win in the market with Jo and Will at the helm.”
“Every vertical software company has the potential to also be a payments company,” says Kyle Louis, General Partner at Bling Capital. – We are particularly excited about Payabli‘s best-in-class product and technology that makes it easy for any software company to quickly launch customized payment solutions to their customers.”
Payabli has shown dramatic growth nearly tripling by 2022 to 7 figures in net revenue, securing several billion dollars in committed gross managed volume and growing from 6 to 28 employees. The new round of funding will go towards further catalyzing growth, streamlining and improving the implementation process for software companies, and investing in continuous innovation, stability and security of the product.
