Government-focused digital payments startup PayIt has picked up an investment of more than $100m from private equity and venture capital house Insight Venture Partners.
The company provides cloud-based services specifically for the public sector, with modules spanning motor-vehicle, taxes and utilities.
PayIt previously received investment from Weatherford Capital in 2016.
Will Weatherford, managing partner at Weatherford Capital, said, “We are very pleased with PayIt’s success over the past several years and thrilled to welcome Insight Partners as an investor.
“Under the leadership of [founder and CEO] John Thomson, PayIt has enjoyed continued strong growth, helping more individuals simplify doing business with local, state, and federal governments.
“As long-term investors, we are delighted to maintain our partnership with John and his team and look forward to a close collaboration with Insight Partners to help build further value in PayIt.”
Weatherford Capital, a family-owned alternative investment firm, was founded in 2014.
Insight raised $6.3bn for the final close of its tenth fund last summer, bringing its total committed capital to more than $23bn.
The oversubscribed Fund X is being used to invest in the growth-stage software, software-enabled services, and internet business sectors.
Last month Insight agreed to invest in TA Associates and Genstar-backed enterprise software business PDI.
The company provides software to the convenience retail, wholesale petroleum and logistics industries.
Copyright © 2019 FinTech Global
