Industry Leaders To Help Drive Expansion of Growing ML-Driven eCommerce Financial Tools
Payability, the leading funding and payments platform for eCommerce sellers, today announced the addition of two industry experts who join the Board of Directors to help further advance the company’s growing market share across eCommerce platforms. The strategic additions include technology entrepreneur and venture capitalist Andy Sack and longtime Silicon Valley entrepreneur and investor Dr. Ellen Levy.
“the Godfather of the Seattle startup community”
“As an innovative organization with more than six years of experience in eCommerce, we continue to record exponential growth, similar to an early stage startup. In the midst of a global pandemic, we were able to provide $1.4 billion in funding to small businesses, transforming how these entrepreneurs offer their products and services online. Andy and Ellen bring insight from their incredible range of experiences in the industry and will both guide and challenge us, helping to foster a new chapter of growth and sustainability for our business,” said Payability’s co-founder and CEO, Keith Smith.
Andy Sack, known as “the Godfather of the Seattle startup community,” brings more than 25 years of experience as a technology entrepreneur, angel investor, and venture capitalist. Beyond founding Lighter Capital and Founder’s Co-op, he was the managing director of Techstars Seattle, where he and Payability’s CEO Keith Smith were first acquainted. Additionally, he has served as a consultant to Microsoft on innovation for the past five years.
“In the fintech world, Keith Smith is a tested serial entrepreneur who has led six different companies to enormous success. Entrepreneurship is what he knows best and I am excited to collaborate with him to drive Payability’s unique products forward, which have transformed how we build eCommerce businesses across the country,” said Andy Sack.
Sack is joined by Dr. Ellen Levy, who is the Founder & Managing Director of strategy consulting firm Silicon Valley Connect, and a prolific angel investor. Among her other roles, she currently serves on the Board of Directors at commercial real estate finance company Walker & Dunlop (WD) and alternative assets investment platform for financial advisors CAIS. Her prior roles most notably include serving as an executive at LinkedIn in its early days through IPO, running a program at Stanford University focused on the future uses of technology, and as a venture capitalist with Softbank Venture Capital.
“While I find many aspects of Payability’s offerings compelling, I’m particularly drawn to the fact that they are uniquely positioned to help small businesses take on the new challenges and opportunities as the eCommerce landscape evolves. Keith and his team had the foresight to establish financial tools in 2015 that customers and businesses now find mission critical, putting Payability in a position to continue to innovate and make its offerings that much more essential and valuable to its customers, and I look forward to being part of those efforts.”
Payability is growing rapidly, with a new product launch in the pipeline. It has offices in New York and Poland with more than 90 employees who are helping to create the next generation of eCommerce financial tools for small business owners. The company has provided more than $4 billion in capital to ecommerce sellers since inception, with $1.4 billion of that coming in 2020. Payability is profitable, with revenues jumping 40 percent in 2020 from the year prior and are on track for similar growth in 2021.
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