PayCommerce Completes $22M Series B Investment to Drive Exponential Global Expansion of its Enterprise Cross-Border B2B Payments Network, Appoints Payments Veteran as CEO
Summary
This strategic investment will drive growth, increase the companys global market share by region and accelerate the expansion of its proven, correspondent-banking consortium and network, which includes more than 90 banks in 75 countries. The PayCommerce Network leverages its proprietary Federated LedgerTM to enable real-time, instant payments, clearing and settlement integration for its banking consortium. We are excited to be partnering with Abdul and Max at this critical point in time based on the pressing demand for ubiquitous payments across borders.” Joining Mr. Patricia Hines, Celent Senior Analyst, adds, “Changing customer expectations and inefficiencies in traditional cross-border payment services have created compelling opportunities for nonbank financial technology providers. The company’s global customer base benefits from significantly lower transaction costs, access to instant real-time payments, acceptance and FX rates and increased efficiency and transparency, as well as management of risk and regional compliance, all on a single platform.