US PayFac-as-a-service company Tilled has raised $11m from a Series A round to help software companies monetise payments coming through their platforms.
The round was led by Rebecca Lynn of Canvas Ventures and former head of investments and M&A at Stripe Abhinav Tiwari, who will join the Tilled board of directors. Also involved in the round were Carta CEO Henry Ward as well as Abstract Ventures, Clocktower Technology Group, Peterson Ventures and others.
Established in 2018, Colorado-based Tilled is a payment facilitator that enables software businesses in the US and Canada to profit from the payments that go through their platforms each year in a matter of weeks, without having to pay an additional overhead or startup costs.
According to Tilled, software firms traditionally have few choices for processing payments on their platforms, with many using companies such as Stripe who provide easy-to-use APIs and instant onboarding but burden PayFac’s with high costs – therefore offering no opportunity to profit from said payments.
Tilled remarked that through its easy-to-implement APIs and seamless merchant onboarding, the company is able to provide the experience software firms spend so much time designing for their own products. The firm’s revenue share feature also enables companies to profit immediately from processed payments on their platform.
The company also has a Revenue Potential calculator on its platform, which allows its customers to see how much they could benefit financially from using Tilled.
Tilled CEO Caleb Avery said, “As companies grow and scale, they are forced to look at alternatives and transition away from Stripe, Square and Braintree, but the options available to them are difficult, expensive and time-consuming to implement. Often, they also sacrifice customer experience in the process.
“Companies shouldn’t have to choose between modern technology and competitive economics when it comes to choosing the right payment processing partner. With Tilled, software companies seeking an integrated payments partner no longer have to compromise.”
Lynn added, “Tilled has the opportunity to fully transform the payments ecosystem by allowing companies of all sizes – from small businesses to enterprise-level – to capture their own payments revenue. Through their PayFac-as-a-Service infrastructure, Tilled enables software companies to offer vertical payments, which ultimately opens up new revenue streams with little overhead and effort, I look forward to helping Caleb and the team navigate the exciting path ahead as Tilled redefines the PayFac landscape.”
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