ePayRails is a fintech startup that offers payment-as-a-service (PaaS) solutions. The company’s goal is to develop a secure B2B payments hub, which would allow for faster and smarter transfers. The platform will also allow for seamless reconciliation for both customers and vendors. ePayRails was founded in January 2018 and is based out of Jacksonville, Florida.
The fintech startup announced that it has closed a Series A funding round, which produced proceeds of $2.45 million. Aspire Fund Management led the investment round with a $2 million investment and was joined by private investors. The proceeds will be utilized to continue developing its digital payment hub, expanding its sales & marketing, and grow its back-office client support capabilities.
ePayRails Press Release:
JACKSONVILLE, Fla., Aug. 1, 2019 /PRNewswire/ — ePayRails today announced a new round of series A funding of $2.45M. Aspire Fund Management was the largest investor in the round, investing $2 million along with a consortium of additional private investors who invested the balance of $450 thousand.
“We are excited to expand our reach and portfolio profile through our investment in ePayRails. 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,” says Kerwyn Valley, Managing Director at Aspire Funds. “ePayRails is taking a dynamic, long-term approach to addressing specific issues all organizations face with respect to cash management.”
“We are honored to have gained the trust of all of our investors and look forward to putting this capital to work enhancing our solution and driving results,” says Richard Jackman, CEO at ePayRails. “We are laser-focused on developing B2B payments solutions, products, and services that enhance our client’s ability to run their businesses with greater flexibility, utilize optimal payment modalities, and provide a single point of reconciliation with access to data in a way they could not get before.”
This new round of funding will be deployed to:
- Further technological development of the ePayRails Payment Hub
- Expand Sales and Marketing capabilities
- Invest in back-office client support
ePayRails was founded in January 2018 in Jacksonville, FL. ePayRails is a fintech payment as a service provider (PaaS) with a mission to make payments smarter and faster, enabling seamless reconciliation for both the customer and vendor via a data-rich, secure B2B payments hub.
About Aspire Fund Management
Aspire Fund Management is a fund management company, founded in September 2014in Trinidad & Tobago, to provide our portfolio companies with advisory services that allow them to innovate and scale, while providing solid, long-term returns to our investors.