Payabli, a payments infrastructure platform serving software firms, has raised $28m in its Series B financing round.
This round was led by Fika Ventures and QED Investors, with additional contribution from current investors TTV Capital and Bling Capital.
It comes nine months after the company’s Series A, bringing the total capital raised to $60m.
With the fresh infusion, Payabli plans to continue product development and expand its 3P offering, including Pay In, Pay Out, and Pay Ops capabilities.
The company has launched an embedded Spend Management solution, offering branded expense programs with physical and virtual cards, giving platforms full API control and the ability to capture interchange revenue.
The company states the recent funding will enable Payabli, headquartered in Florida, to grow its team further.
Fika Ventures managing partner TX Zhuo said: “We’ve believed in Payabli’s vision since day one and have seen Jo and Will consistently exceed expectations as they build the future of embedded payments. Their ability to deliver a full stack, developer first platform that wins in complex, need-to-pay verticals is unmatched.”
QED Investors Partner Laura Bock said: “We initially backed Payabli because we believe deeply in Jo and Will’s approach to embedded payments—and they’ve executed relentlessly. They’ve built the right platform at exactly the right time, as software platforms become the next major players in payments. With a full-stack offering, rapid product velocity, and strong traction in complex verticals, Payabli has emerged as a category leader. We’re excited to double down and support their next phase of growth as they redefine modern payments infrastructure.”
The Series B funding builds on Payabli’s growth over the past year, highlighted by a sevenfold increase in revenue and the activation of multiple billions in live processing volume, the company release stated.
The platform now has over 50,000 merchants and has introduced embedded payments for enterprises in essential payment verticals, alongside multiple new integrations and partnerships.
The company aims to enhance its product development with the new funding, focusing on AI-powered features to provide customised customer experiences.
Payabli is harnessing the power of AI to streamline operations and enhance customer experiences.
The company’s first AI-driven support agent, Amigo, is stated to assist software companies with integration, support, and analytics through a chat-based interface.
Payabli is also building “advanced” risk and fraud detection models, leveraging NVIDIA’s AI infrastructure to provide tailored risk assessments.
