US-based payment platform developer Payrailz has secured $6.1m from a consortium including payment processing firm First Data and financial services firms Live Oak Bank, Woodforest National Bank and Webster Bank.
Financial technology-focused investment firm TTV Capital also participated in the round. Live Oak invested through its venture capital unit, Live Oak Ventures.
Founded in 2016, Payrailz is building an artificial intelligence-equipped online payments platform for banks and credit unions to allow consumers to pay bills and transfer money. It has not disclosed any previous funding.
First Data vice-president Raymond Merk has joined the startup’s board of directors alongside James Mahan and Neil Underwood of Live Oak, Mark Johnson of TTV Capital and James Dreibelbis of Woodforest National.
Dreibelbis said: “Payrailz’s approach to payments will give consumers an unmatched and more engaging experience compared to what is available in the marketplace today.”