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Payveris Lands New Funding, Board of Directors Members

By Steve Anderson
June 02, 2016

Recently, Payveris added to its funding rolls with a new round of funding that went quite well. It also brought on some new members to its board of directors, and those two developments together kicked off what may be a string of new possibilities for the company to follow.

The company brought in an additional $7.5 million this round; led by Mosaik Partners out of San Francisco, the funding round brought together both old and new investors alike to put cash behind the cloud-based, open application programming interface (API) digital payment solutions provider. Also in on the action were Connecticut firms Connecticut Innovations and Advantage Capital. Mosaik also provided its co-founder Howard Mergelkamp to sit on Payveris' board of directors, and Mergelkamp was joined by Nick Cayer, who led a charge from a group of individual investors.

Payveris intends to put the cash to work as a catalyst for new growth and development. Given that the company has already brought in 180 customers in both banks and credit unions—over 100 were added in just the last two quarters alone—and 21 partners in the financial technology sector, Payveris has made its presence known in a big way. A suite of widgets, along with open APIs, allows Payveris to offer a variety of tools, thus achieving maximum flexibility by allowing the user to control just what's brought in and what's left behind. Thanks to this, money can readily be moved from one user to another regardless of time of day or place, on one platform.

Payveris' president Jeff Weikert commented “Financial institutions are recognizing that when it comes to payments, with the right technology, they can take more control of their destiny and effectively compete with nonbanks. Consumer demand for a better payments experience will only increase and this additional round of funding from our existing and new investors will help us continue to grow our organization and innovate in order to meet these demands.”

Payment systems are becoming an increasingly important part of everyday operations, as evidenced by the growing numbers of these seen in mobile device manufacturers, in those offered by banks, and those offered by retailers. Peer-to-peer payments—those payments that go from one user to another—have received somewhat shorter shrift when it comes to development, and companies looking to facilitate peer-to-peer may have a market all to themselves for a while.

Payveris looks like it's going after that market as part of its operations—among other parts as well, of course—and that could be a point that gives Payveris a real market presence. A good start already made, and with some extra expertise and funding backing its play going forward, it may have everything it needs to become a truly dominant name in payments. 

Edited by Stefania Viscusi

Contributing Writer

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