PayEngine, a white-label payments-facilitation platform for vertical SaaS companies, has raised $10m in Series A funding led by Point72 Ventures.
Leading capital equity firms Mucker Capital, BAM Ventures and K5 Global also participated in the investment.
PayEngine’s platform aims to help SaaS companies across a range of verticals including home services, automotive, construction, healthcare and transportation improve their payments monetization strategies while mitigating Merchant of Record (MOR) liabilities and data security and compliance issues.
Since it allows businesses to set their own merchant rates, PayEngine said its platform can increase annual recurring revenue (ARR) by an average of 30%.
Additionally, as a custom label offering, the platform can be branded for client use and can be integrated alongside a company’s other core software products in a matter of days.
PayEngine said it will use the funding to grow its team, expand access to clientele, develop more financial product offerings within its platform and shore up its international support.
Spartak Buniatyan, founder and CEO of PayEngine, said, “Our mission has always been to give clients full control of their payment processing by allowing them to move this function in-house. With this round of funding, PayEngine can continue to add value to our current product line and expand our service line to improve operating performance and mitigate risk.”
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