Paymerang, a leader in accounts payable (AP) automation solutions, announced a second round of financing from Aldrich Capital Partners in the amount of $10M, which follows-up Aldrich Capital’s initial 2018 investment of $26M.
Paymerang will use the new capital to expand sales and marketing efforts and build new finance automation solutions for mid-market organizations. These initiatives include adding additional accounts payable and accounts receivable components to Paymerang’s core payment automation solution—a product that has driven the company’s incredible growth.
The payment automation solution is a SaaS-based (Software as a Service) offering that enables AP teams to automate vendor disbursements. This solution provides push-button, mass vendor payments and reconciliation, through a variety of payment modalities, to a network of over 400,000 vendors.
Nasser Chanda, CEO of Paymerang, commented, “Despite all the global challenges, it’s been a phenomenal year of growth for Paymerang, for our people, and for our clients. We’re excited to deploy this capital infusion to accelerate our growth, bring new talent into the organization, scale our core offerings, and further automate the office of the CFO.”
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As part of a full finance automation initiative, Paymerang will expand its invoice automation solution—which saves time in approving and posting invoices, as well as in reducing errors through automated invoice capture and posting. This Invoice automation solution, when combined with payment automation, provides complete AP automation from invoice receipt to payment settlement. Moreover, because it’s a paperless SaaS-based solution, clients can securely operate their finance department, either in the office or remotely.
“In the current environment, business continuity requires that organizations move from antiquated, paper-based processes to automated solutions that reduce costs and free up resources,” continued Chanda. “That being said, the majority of U.S. companies have yet to shift to an automated process, which provides us with tremendous opportunities to fill this urgent need.”
“Since our initial investment, we’ve been thrilled with Paymerang’s success,” stated Aldrich Capital Partner Mirza Baig. “I believe this round of funding will accelerate growth and solidify Paymerang’s position as a premier provider of finance automation solutions.”
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