Payrails, a startup that has developed a platform for creating and using high-quality corporate payment services, announced on Wednesday, June 7, that it had received funding for $14.4 million.
EQT Ventures led the round of attracting investments. Catalyst, Andreessen Horowitz and HV Capital also took part in this process. The startup does not disclose its current value, but CEO Orkhan Abdullayev says that this indicator has increased compared to the value that was recorded last year.
Currently, many enterprises report problems that they have when building cash flows. Many difficulties are associated with services for existing products, but their number increases when a base is created for the functioning of products planned for presentation.
The three founders of Payrails, including Orhan Abdullayev Emre Talay and Nicolas Touzo, previously worked together at behemoth Delivery Hero, a company that provides online food ordering services. Then they created and launched a large payment system, which still demonstrates a high level of quality. After this successful experience, the developers decided to help more companies. This idea became a kind of the start of a startup.
The Payrails solution is an attempt to solve the problem regardless of the problems that exist in real-time and the specifics of the business environment. Developers characterize their product as a kind of operating system for payments.
The key idea of the startup’s activity involves offering services to customers in three categories. One of these categories is payments, including their intelligent routing, automatic retries in case of unsuccessful transactions, and customizable check-out. The startup also provides services for the creation of accounting books related to the division or pooling of funds. Another important category for the company is the automation tools necessary for reconciliation, running simulations in services, anomaly detection, and analytics.
Payoneer, Adyen, Fabrick, and other firms also provide enterprises with services for creating solutions that fully take into account the needs of customers. Companies work with several suppliers due to the different specifics of the geographical areas of activity.
Orkhan Abdullayev does not talk about the specific growth figures of the startup and does not disclose details about the client base, but states that interest in financing the company is an indicator of progress. He also noted that over the past year, the priorities of customers and Payrails have changed.
According to the CEO of the startup, sales cycles have become longer, and consumers of services are currently focused not on expanding the scope of activities, but on increasing the level of efficiency. He said that Payrails has already implemented some functionality, and this solution has brought good results.
Kaushik Subramanian, partner at EQT Ventures, who managed investments for the firm, says that corporate clients need a high-quality and reliable payment product that provides effective management of complex cash flows.
As we have reported earlier, IQ Capital Raises $400 Million for Deep Tech AI Firms.
