Frisco-based Payrix is on a fast growth track: The fintech has extended its Series A financing, surpassed $50 million in investment, and expanded its leadership team.
Payrix takes a “crawl, walk, run” approach to payment facilitation—and it says it’s the first to do so.
The startup bills itself as a pioneer in payment and infrastructure-as-a-service technology. The team got its start by realizing that monetizing payments is critical for future growth. Its mission is to “reimagine the digital economy.” That means providing tech for digital businesses to globally prosper.
That’s why Payrix developed technology solutions and in-house payments capabilities for a verticalized SaaS client base. SaaS clients are offered scalable Payrix solutions as they expand, with the ability to to embed and manage payments natively within their software.
Essentially, it’s a one-stop-shop for accepting and sending payments. According to the startup, its goal is to generate recurring revenue for customers via payment facilitation at scale.
“We believe strongly in this team of technology and fintech professionals not only for their best-in-class infrastructure, but their passion and fanatical focus on their customers,” Payrix Chairman and BSIP Founder Rob Wechsler said in a statement. “There’s never been a more exciting time to fuel stickiness and monetization for SaaS companies in a way that’s never been done before.”
The Series A financing was led by Payrix’s Frisco neighbors, Blue Star Innovation Partners, and Boston-based Providence Strategic Growth, the growth equity arm of Providence Equity Partners.
From its headquarters at The Star in Frisco, Blue Star Innovation Partners is a growth equity investment fund firm that’s led by hand-picked serial entrepreneurs who co-invest alongside the Jones Family. Since founding in 2016, BSIP has been investing in “highly innovative” businesses in sports, financial services, entertainment, and technology.
Providence Strategic Growth (PSG) was established in 2014 to focus on growth equity investments in lower middle market software- and tech-enabled service companies. It’s an affiliate of Providence, a premier global asset management firm founded in 1989.
With the new funding, Payrix intends to scale and enhance its product suite and team, according to a statement. Currently, Payrix told us it has a team of around 55 nationwide and is growing its sales, marketing, product, engineering, and operations functions.
Payrix has so far added Eric Frazier as CEO, Randy McGraw as CPO, and Corey Wood as COO. The startup said each exec brings a specialized expertise to a team already united in a customer-centric vision.
The end goal for Payrix is to go global and “continue to obsessively focus on customer experience and delight.”
“We’ve listened to our clients, many of which have exciting plans to expand—and as we continue to scale Payrix, we want to follow our clients where they operate, domestic and abroad,” Benny Silberstein, Payrix’s co-founder and chief strategy officer, said in a statement.
According to Payrix, its clients include Neon One, a customer relationship management ecosystem for nonprofits, and Real Green Systems, a field-service software for lawn care companies.
“As our software business was scaling fast, we didn’t want to build out all the infrastructure to be a standalone payment facilitator, but we will down the road,” Neon One CEO Michael Farb said in a statement. “We picked Payrix because they can be with us as our provider from beginning, all the way to the end.”
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