Fintech startup ePayRails closes $2.45 Series A funding to accelerate growth.
ePayRails, a fintech startup and a payment as a service provider (PaaS) with a mission to make payments smarter and faster, today announced it has closed $2.45 in series A funding for further development of its Payment Hub, expand sales and marketing capabilities, and invest in back-office client support. The round was led by Aspire Fund Management, with $2 million investment along with a consortium of additional private investors who invested the balance of $450 thousand.
Founded in January 2018 by a team of payment experts with proven track records of solving complex financial business problems, the Jacksonville, Florida-based ePayRails is a fintech payment as a service provider (PaaS) with a mission to make payments smarter and faster, enabling seamless reconciliation for both the customer and vendor via a data-rich, secure B2B payments hub. ePayRails offers a centralized portal for Accounts Payable, Accounts Receivable, and Consumer Payments.
“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,” says Kerwyn Valley, Managing Director at Aspire Funds. “ePayRails is taking a dynamic, long-term approach to addressing specific issues all organizations face with respect to cash management.”
“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,” says Richard Jackman, CEO at ePayRails. “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.”
Aspire Fund Management is a fund management company, founded in September 2014 in Trinidad & Tobago, to provide our portfolio companies with advisory services that allow them to innovate and scale, while providing solid, long-term returns to our investors.