Embedded payments platform Payabli has successfully completed a $28 million Series B funding round.
This latest round of funding follows Payabli’s Series A, which raised $20 million just nine months ago, bringing the company’s total capital to $60 million. The Series B was led by Fika Ventures and QED Investors, with participation from existing investors TTV Capital and Bling Capital.
Based in California, Payabli offers a unified API that enables software developers to create various payment experiences for both acceptance and issuance of money. The platform also provides operational tools designed to meet the specific needs of payments companies, particularly in sectors like property management, utilities, education, and government.
In the past year, Payabli has achieved a 7x year-over-year revenue increase and surpassed 50,000 merchants on its platform. Joseph Elias Phillips, co-founder and Co-CEO, expressed that the new funding will focus on product development, particularly on AI-driven features.
“With AI set to revolutionize the financial services industry, we see a significant opportunity to enhance our platform,” Phillips noted. He also mentioned that the investment allows for accelerated AI enablement across the organization, paving the way for innovative products and capabilities.
Recently, Payabli launched Amigo, its first AI-powered support agent, which is accessible through technical documentation, the web platform, and Slack. Amigo provides various functionalities, including acting as a solution engineer for faster integrations, a support representative for quick ticket resolution, and a business analyst for reporting and analytics via a chat-based interface.
Additionally, Payabli is collaborating with Nvidia to develop advanced risk and fraud detection models, utilizing proprietary customer data to deliver tailored risk assessments specific to individual businesses and industries.