GLASTONBURY, Conn.--(BUSINESS WIRE)--Payrailz, a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions, announces that First Data, Live Oak Ventures, Woodforest National Bank, Webster Bank and TTV Capital are investing a collective $6.1 million in the company.
This group of investors are believers in Payrailz’s product innovation vision and corporate commitment behind producing smarter “do it for me” solutions that leverage the latest advancements in payments technology. These organizations are technology savvy industry veterans who will be key advisors to Payrailz’s efforts.
Payrailz is supported by an industry pioneering board of directors, including:
- James S. Mahan III, CEO and Chairman of Live Oak Bank. Previously, he served as the CEO and chairman of the board of S1 Corporation and as the founder of Security First Network Bank: the world’s first Internet bank.
- Neil Underwood, president of Live Oak Bancshares and Live Oak Ventures. He is a cofounder of nCino the worldwide leader in cloud banking.
- Mark A. Johnson, general partner of TTV Capital. He is a payments visionary and the former vice chairman of CheckFree.
- James D. “Jay” Dreibelbis, president and COO of Woodforest National Bank.
- Raymond Merk, vice president of First Data. He also served as the vice president of business development at Sage Payment Solutions.
Payrailz’s solutions address the industry’s outdated approach to payments by offering a modern technology that automates tasks for users. The company’s technology bridges the gap between tech-enabled consumers’ expectations and the traditional approach to payments through digital channels.
“We are excited to support such a forward-thinking company that is disrupting the payments industry,” said Dreibelbis. “Payrailz goes beyond a typical payments company, offering advanced technology that sets it apart from the current payments solutions offered by the industry. Payrailz’s approach to payments will give consumers an unmatched and more engaging experience compared to what is available in the marketplace today.”
“Payrailz’s mission is to transform the payments industry from within by leveraging technology to fulfill the cultural need for automation that simplifies our lives,” added Johnson “We firmly believe that Payrailz offers the industry a vital opportunity to reinvent the payments experience as we currently know it.”
“The support and backing offered by these prestigious organizations and industry leaders that have chosen to invest in our company reassures us that offering a smarter and more engaging payments solution is needed in the industry,” said Fran Duggan, CEO of Payrailz. “These industry visionaries understand what is needed and support our mission to revitalize the payment experience by taking advantage of the latest in technology such as AI, open API’s and cloud-based infrastructure.”
Payrailz is a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions. In a society that increasingly has become focused on a “do it for me” culture, Payrailz’s smart technology makes the difference. Payrailz creates smarter payment experiences for the financial services industry that are predictive and more engaging than currently available alternatives. Financial institutions can confidently embrace Payrailz’s cloud based technology engine, including AI, dynamic workflow, open data exchange, and a robust SDK to offer unique payment solutions to their customers. Payrailz helps FIs meet the payment expectations of today and the payment innovation needs of tomorrow. For more information, visit www.payrailz.com, or visit them on Twitter @payrailz, Facebook or LinkedIn, or contact Mickey Goldwasser at 860.430.9245.