ePayRails, a U.S.-based payment as a service provider (PaaS), announced earlier this week it secured $2.45 million through its Series A funding round, which was led by Aspire Fund Management. Founded in 2018, ePayRails stated it enables billers and payers to control the way they make and receive payments by providing the “most innovative” and “wide-reaching selection” of payment methods:
“Convert legacy paper-based invoicing and payment processes to real-time electronic systems that provide the rapid exchange of data, increasing overall productivity and cash flow.”
Speaking about the investment round, Richard Jackman, CEO at ePayRails, shared:
“We are honored to have gained the trust of all of our investors and look forward to putting this capital to work enhancing our solution and driving results. We are laser-focused on developing B2B payments solutions, products, and services that enhance our client’s ability to run their businesses with greater flexibility, utilize optimal payment modalities, and provide a single point of reconciliation with access to data in a way they could not get before.”
Kerwyn Valley, Managing Director at Aspire Funds, also commented:
“We are excited to expand our reach and portfolio profile through our investment in ePayRails. We believe the management team and their unique approach to solving complexities of B2B commerce gives them a distinct advantage to other legacy systems and firms in the marketplace. ePayRails is taking a dynamic, long-term approach to addressing specific issues all organizations face with respect to cash management.”
The investment round’s funds will be used for the following:
- Further technological development of the ePayRails Payment Hub
- Expand Sales and Marketing capabilities
- Invest in back-office client support