Hi there and welcome to Funded, where we spotlight the early-stage bets on the future of tech.
Today, we look at Payabli, a Miami-based payments infrastructure company that supplies APIs for payment acceptance and issuance solutions, as well as operations tools. The co announced a $25 million Series B round this week led by Fika Ventures and QED Investors, with participation from existing investors TTV Capital and Bling Capital–bringing its total raised to $60 million.
Payabli, which counts 50,000 merchants on its platform and has partnerships with cos including NVIDIA, plans to use the new funding for AI-driven features for its products, with the goal of streamlining operations and efficiency and delivering more personalized customer experiences. The announcement comes on the back of the recent launch of its AI-powered support agent product Amigo, which acts “as a solution engineer…and assists software partners with reporting and analytics through a user-friendly, chat-based interface,” according to the announcement. Payabli is also developing advanced risk and fraud detection models trained on proprietary customer data to provide tailored risk assessments specific to each customer’s business and industry.
In the announcement, the co shared it has seen a 7x increase in revenue year over year, and has launched embedded payments with several of the largest enterprises in “need-to-pay” verticals. Payabli’s co-founders, Joseph Elias Phillips and William Corbera, previously ran Service Titan’s payments strategy, in addition to a stint at Revopay.
“We’re fortunate to be experiencing rapid growth at a time when AI is poised to revolutionize the financial services industry,” Philips said. “When our investors approached us about doubling down on Payabli, we saw a clear opportunity to go on the offensive by accelerating AI enablement across our platform and organization to drive further growth and bring groundbreaking new products and capabilities to market faster.”
