Alternative Finances

NVoicePay Nets $1.2 Million In Funding

Online payments startup NVoicePay announced in a regulatory filing last week that it had raised $1.2 million in new investments. The Oregon-based firm now has a total of $5 million in investments.

The startup’s goal is to help businesses eliminate check writing by enabling them with cloud-based vendor payments. NVoicePay would not disclose the deal’s details, but simply said that it was expected to be finalized quickly.

Company co-founder and CEO Karla Freide told the Portland Business Journal that the consumer side of electronics payments is currently a popular place. However, Freide added that the business-to-business element is wide open and NVoicePay intends to own it.

“The same level of investment is not being made in business-to-business payments,” she said. “The traditional bank-based solutions don’t deliver that’s why the market is still paper based.” Additionally, Freide explained to The Oregonian that NVoicePay’s sales quadrupled last year and she expects they will quadruple again this year. With NVoicePay’s growth accelerating so quickly, Freide added that it was necessary to ensure that the company’s funding was able to keep pace.

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