DURHAM, N.C., June 28, 2016 (GLOBE NEWSWIRE) -- Square 1 Bank, a division of Pacific Western Bank, today announced that it has provided a $1.5 million credit facility to new client Payzer, a mobile and cloud-based financial tool. Proceeds from the facility will be used to fund the launch of new SaaS and transactional products.
Based in Charlotte, NC, Payzer helps contractors grow and manage their businesses by enabling them to close sales and collect payments in the field. With Payzer’s “all-in-one” solution, users can accept and manage payments and customer profiles as well as make instant loans—all via their mobile devices. The platform provides the flexibility and accessibility contractors need to offer a full range of payment and financing options for their customers and employees.
“Payzer has experienced a tremendous amount of growth in the past two years,” said Joe Giordano, co-founder and chief executive officer of Payzer. “This partnership with Square 1 will enable our company to innovate and expand our team while continuing to provide first-class service to our customers.”
Patrick Cahill, vice president in Square 1’s technology banking practice, added, “Payzer has a strong group of founders and investors who have experienced significant momentum in the fintech and payment industries. We are excited to partner with their team as they transform the way contractors and subcontractors conduct business and streamline the payment process in a historically paper-heavy industry.”
About Payzer
Payzer, LLC is a software and payments technology company with 31 employees based in Charlotte, NC. Payzer is the All-in-One Financial Tool that helps contractors grow their business. Payzer's mobile and cloud based platform allows customers to accept credit cards, debit cards, and electronic checks in the field or at the home office with real-time tracking across their organization, provide instant financing up to $55,000 using a mobile phone, tablet, or PC and control purchases by giving employees Visa Debit Purchasing Cards rather than a company credit card. Payzer offers competitive rates for credit and financing and requires no sign-up fee, no contract and no cancellation fees. To register for an account with Payzer, visit www.payzer.com or call 1 866 488 6525.
About Square 1 Bank
Square 1 Bank is a division of Pacific Western Bank, a Los Angeles-based commercial bank with over $21 billion in assets. A full service financial services partner to entrepreneurs and their investors, Square 1 provides clients flexible resources and attentive service to help their companies grow. Square 1 offers a broad range of venture debt, treasury and cash management solutions through offices in top innovation centers: Atlanta, Austin, the Bay Area, Boston, Chicago, Denver, Durham, Los Angeles, Minneapolis, New York, San Diego, Seattle and Washington, DC. Pacific Western Bank is a wholly-owned subsidiary of PacWest Bancorp (NASDAQ:PACW). For more information, visit www.square1bank.com.