AAA Payworks pins down series B investment

Payworks pins down series B investment

Germany-based payment processing platform developer Payworks completed a $14.5m series B round on Wednesday that included payment services provider Visa and financial services firm Commerzbank.

Venture capital firm Speedinvest and fintech-focused company builder Finparx also took part in the round. Commerzbank participated through its strategic investment vehicle, CommerzVentures.

Founded in 2012, Payworks markets a cloud-based software platform called Pulse that allows point-of-sale (POS) system providers to integrate payment options into their products more easily.

The company also offers a customisable mobile app for payments and a customer behaviour profiling program that is powered by data generated from Pulse.

The series B capital will enable Payworks to hire more product and research and development staff at its Munich, New York, London and Barcelona offices, to help it meet demand at home and internationally.

Payworks’ overall funding now stands at $19m. It had previously raised $4.5m in a September 2016 series A round backed by Speedinvest and fintech-focused investment firms Rumford and HW Capital.

Carleigh Jaques, senior vice-president and global head of digital merchant products at Visa, said: “With the rapid evolution of how customers pay and get paid, Visa is committed to ensuring secure, fast and convenient payments at the POS.

“As a payments industry leader, Visa is excited to help the Payworks team grow and bring innovative solutions to market and enable merchants to remain at the forefront of digital payments evolution.”

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