White-label B2B platform will expand team, operations and business reach with support from Mucker Capital, BAM Ventures, I2BF Global Ventures, HIVE Ventures and other strategic investors
PayEngine, a white-label payments-facilitation platform for vertical SaaS companies, has raised $1.6 million in seed funding to support business growth and rollout. With PayEngine, vertical SaaS businesses can increase ARR by up to 30% overnight by allowing companies to set their own rates directly over interchange and retain the majority of profits, without having to worry about the merchant-of-record liability or implementation complexities traditionally associated with other payment facilitation models.
The seed funding round was led by Mucker Capital, with participation from leading venture capital firms BAM Ventures, I2BF Global Ventures and HIVE Ventures, as well as other strategic investors. PayEngine will use the seed funding to expand its core team and operations and extend its business reach while ensuring a smooth rollout for existing customers.
“We created PayEngine after carefully evaluating the challenges that traditional payment facilitation models impose on software vendors in vertical markets,” said Spartak Buniatyan, founder and CEO of PayEngine. “With PayEngine, software vendors have more freedom and fewer liabilities. Our platform provides all the necessary technology for vendors to easily move payments in-house, without the typical headache, hassle or costs of doing so.”
PayEngine benefits SaaS companies across a range of verticals, including automotive, residential and commercial services, construction, health care, utilities, transportation and more. The company’s white-label offering empowers businesses to add payments services alongside their core software products, and migrating from other platforms can be completed in a matter of days.
Leading vertical software market insiders say PayEngine’s solution fills a critical gap in the industry.
“We looked for a solution such as PayEngine for over seven years,” said Vahe Kuzoyan, co-founder and president of ServiceTitan. “Ultimately, due to the lack of a fitting solution, we had to invest a considerable number of resources to build our own version. If you are a vertical market-based software vendor, PayEngine is the most fitting answer to your payments monetization strategy.”
Travis Brown, chief operating officer of Shopmonkey, shared the excitement about the PayEngine platform’s recent launch.
“The PayEngine model really hits home for software vendors looking to unlock their payments monetization strategy,” he said. “The future of payment processing for vertical market software businesses is via platforms such as PayEngine.”