B2B payments startup ePayRails has announced new funding to focus on further technological development of its Payment Hub.
In a press release Friday (Aug. 2), ePayRails said it secured $2.45 million in Series A funding led by Aspire Fund Management, which provided $2 million. The company pointed to a "consortium of additional private investors" that provided the rest.
According to ePayRails CEO Richard Jackman, the company will deploy the funding to buildout its ePayRails Payment Hub, invest in sales and marketing, and bolster its back-office client support offerings.
"We are laser-focused on developing B2B payments solutions, products and services that enhance our clients' ability to run their businesses with greater flexibility, utilize optimal payment modalities, and provide a single point of reconciliation with access to data in way they could not get before," he said in a statement.
The company was founded in January 2018 and offers businesses a "Fintelligent" payment platform that consolidates payments and invoice data, automates accounts payable and accounts receivable, and provides intelligence on B2B payments and invoices. ePayRails also offers businesses API integrations with their ERP systems, and enables firms to customize how they pay invoices based on which vendor they are paying.
The platform supports single use virtual cards, wire, real-time payments, checks and ACH transactions; it also enables firms to deploy early payment and dynamic discounting tools.
"We are excited to expand our reach and portfolio profile through our investment in ePayRails," said Aspire Fund Management Managing Director Kerwyn Valley in a statement. "We believe the management team and their unique approach to solving complexities of B2B commerce gives them a distinct advantage to other legacy systems and firms in the marketplace. ePayRails is taking a dynamic, long-term approach to addressing specific issues all organizations face with respect to cash management."