Paywallet closes Series A with $14 million in funding

Paywallet, a payroll-related verification and remittance system, secured $14 million in funding and recently closed its Series A funding round at $8.82 million, according to a press release.

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

“We are thrilled to partner with our valued investors to deliver comprehensive payroll-related payment and identity-as-a-service (SaaS) solutions to lenders and FinTechs, enabling disruptive models of responsible credit decision-making and predictable refunds,” DK said. 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 to make credit decisions and in doing so, democratize access to affordable credit for all.”

Lenders and other businesses can use the technology to verify employment and banking information and issue payroll-based payment instructions for customers.

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

Related: Voila Raises $10 Million to Grow Home Dining in Europe

In other funding news, Voilà, a German company that connects consumers with in-home dining experiences, closed a $10 million, or €8.8 million, round to boost its European expansion.

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



On: Forty-two percent of US consumers are more likely to open accounts with financial institutions that facilitate automatic sharing of their bank details upon sign-up. The PYMNTS study Account opening and loan management in the digital environmentsurveyed 2,300 consumers to explore how FIs can leverage open banking to engage customers and create a better account opening experience.

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