Payveris LLC has received a total of USD5.2m in funding, led by Ironwood Capital Connecticut and Connecticut Innovations. The company specialises in next generation online and mobile payments offering a range of bill payment and interbank transfer solutions to banks and credit unions. Other investors include David Dame, managing director of Sorenson Capital and Louis Hernandez, president and CEO of Avid Technology, Inc. and former chairman and CEO of Open Solutions.
Payveris will use the funds to support its growing network of distribution partners and clients and expand its sales and marketing capabilities, according to Payveris President Fran Duggan. The company continues to invest in its cloud-based payment platform to offer unique processing solutions that meet the demands of today’s online and mobile customers.
“Banks and credit unions were created to facilitate commerce and are highly regulated to ensure that people’s money is protected. However, their technological capabilities have not kept pace with today’s increasing demand for online and mobile payment choices,” Duggan said. “Payveris’ ePayments technology can help banks reduce transaction costs and reclaim their role as the trusted provider of payment services.”
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