Paywallet Closes Series A With $14M in Funding

Paywallet, a payroll-linked verification and remittance system, has gotten $14 million in funding and recently closed its Series A funding round at $8.82 million, a press release said.

With the new funding, the company plans to expand its sales and marketing efforts and will build partnerships with other companies. It also plans to expand its coverage to reach 95% of addressable end customers and users, and will help things grow internationally, bringing scalable, decentralized applications to the lending industry by using blockchain.

“We are excited to partner with our valued investors to bring comprehensive payroll-linked payment and identity software-as-a-service (SaaS) solutions to lending and FinTech companies, enabling disruptive models of responsible credit decisioning and predictable repayments,” said DK Sharma, CEO of Paywallet. “The new funding will allow us to accelerate our growth and bring Web3 paradigms to lending, changing the way customer data is accessed and used for making credit decisions and, in the process, democratize access to affordable credit for all.”

Lenders and other companies can use the tech to verify employment and bank information and make payroll-driven remittance instructions for customers.

The round was led by a new investor Pasaca Capital Inc., a private equity investment firm based in Pasadena, California, while past investors PruVista Capital and Arcadia Funds also participated. PruVista is a specialty finance investment firm, and Arcadia is a FinTech-focused investment manager.

Related: Voilà Raises $10M to Expand Fine Dining at Home in Europe

In other funding round news, Voilà, a German company connecting consumers with fine dining experiences at home, has closed a $10 million, or 8.8 million euros, round to boost its European expansion.

CEO Julius Wiesenhütter said the idea was not to replace going to a restaurant, but “building something new: home fine dining, unlocking the experience category in food delivery.”