WETHERSFIELD, Conn., July 1, 2013 (GLOBE NEWSWIRE) -- Payveris LLC, a next generation online and mobile payments company that offers a full range of bill payment and interbank transfer solutions to banks and credit unions, has received a total of $5.2 million in funding, led by Ironwood Capital Connecticut and Connecticut Innovations. 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."
With a fast-growing roster of bank and credit union clients, Payveris has brought to market a new, proven ePayment option that provides clients with bill payment and money movement capabilities for their online and mobile banking customers at lower costs than other processing solutions. With the only cloud-based payment-processing platform in the market, Payveris' ePayment technology gives banks a more integrated offering that creates a better user experience than what is available today.
Payveris' services are available through application program interfaces (APIs) that provide distribution partners and financial institution clients with a library of moveable widgets to innovate and control the remote user's experience.
"Payveris' robust product offerings place the company at the forefront of a constantly evolving industry that supports mobile and internet banking and provides a solution for community banks, credit unions and their customers that is equal to or better than that offered by much bigger banks," said Ironwood Capital Connecticut Managing Partner Victor Budnick. "We are pleased to provide funding at this critical time of expansion and help build Payveris in Connecticut."
"We were particularly attracted by Payveris' unique positioning as an independent provider of bill pay services, which is very appealing to both its market and to bank regulators," said Claire Leonardi, CEO of Connecticut Innovations. "Payveris' management team has a deep command of banking industry challenges and a long history of solving them, and the company's progress in reaching key milestones has been impressive. We are pleased to participate in this round of funding."
For more information or to schedule a demonstration of the Payveris ePayments platform, contact Jim Cahill, VP, sales and marketing, jcahill@payveris.com, 609-213-7170, Payveris LLC.
About Payveris LLC
Payveris is a next generation online and mobile payment company offering full service online bill pay and interbank transfer solutions for financial institutions and service providers. The company's cloud-based platform, advanced technologies and full suite of APIs allow partners and financial institutions to deliver a more integrated and customized solution at a lower cost. Payveris' innovative payment platform combined with its "white label" business model provides core processors, online banking providers and other providers of remote banking services a powerful solution for their financial services clients. Learn more at www.payveris.com.
About Ironwood Capital
In 2010, Ironwood Capital, an Avon-based investment management firm, partnered with Advantage Capital Partners, a leading venture capital and small business finance firm, to launch a $93 million fund for investment in Connecticut-based companies. The investment from the Ironwood Capital and Advantage Capital funds is made possible by the Insurance Reinvestment Fund Program, which is administered by the Connecticut Department of Economic and Community Development. For more information on Ironwood Capital, please visit www.ironwoodcap.com.
About Connecticut Innovations Inc.
Connecticut Innovations is the leading source of financing and ongoing support for Connecticut's innovative, growing companies. To maximize each business's growth potential, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state's most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit www.ctinnovations.com.