Payrix Surpasses $50M in Investment and Expands Leadership Team for Growth
FRISCO, Texas, Oct. 1, 2020 — Payrix, the acknowledged industry leader in embedded fintech, today announced an extension of its Series A financing – led by Blue Star Innovation Partners (“BSIP”) and Providence Strategic Growth (“PSG”), the growth equity affiliate of Providence Equity Partners. The capital aims to help Payrix scale and enhance its product suite and team, accelerate into global markets and continue to obsessively focus on customer experience and delight.
As pioneers in payment and infrastructure-as-a-service technology, Payrix is the muscle behind a network of software-as-a-service (SaaS) providers who realize monetizing payments is critical for growth now and into the future. Payrix’s technology solution and in-house payments capabilities drive transformative growth for its verticalized SaaS client base, fueled by their ability to generate recurring revenue through 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,” said Payrix Chairman and BSIP Founder Rob Wechsler. “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.”
Additions to the leadership team include Eric Frazier as Chief Executive Officer, Randy McGraw as Chief Product Officer and Corey Wood as Chief Operating Officer. These executives bring specialized expertise in scaling digital businesses, and join Payrix’s united customer-centric vision for the lifecycle experience, adoption and growth.
Payrix is the original “crawl, walk, run” approach to payment facilitation. The company offers scalable solutions to SaaS clients as they grow, where they can leverage the full spectrum of payment facilitator features today while maintaining the optionality of becoming a full blown payment facilitator tomorrow – all while monetizing payments.
Comprehensive, in-house support for the movement of money is the reason why clients like Neon One – a CRM ecosystem for nonprofits – and Real Green Systems – a field-service software for lawn care businesses – chose to partner with Payrix.
“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. We picked Payrix because they can be with us as our provider from beginning, all the way to the end,” said Neon One CEO, Michael Farb.
“We had the technical resources to become a payment facilitator on our own, but we wanted a fully enabled platform rather than having to build it ourselves. We are confident in our decision to partner with Payrix for our payments business,” said Kellie Kucik, Head of Payments at Real Green Systems.
Payrix provides everything its clients need to accept and send payments. From SaaS platforms, websites and mobile apps, to retailers and marketplaces, Payrix is a one stop shop to seamlessly collect and transmit funds – regardless of resources, size or complexity of the technical organization.
Payrix’s mission is to reimagine the digital economy – and this means providing the technology for digital businesses to thrive around the world.
“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,” said Benny Silberstein, Co-founder and Chief Strategy Officer of Payrix.
About Blue Star Innovation Partners
Blue Star Innovation Partners (“BSIP”) is a growth equity investment fund firm led by hand-selected serial entrepreneurs who co-manage and invest alongside the Jones Family. Founded in 2016, BSIP invests in highly innovative lower-middle market businesses with $10 million to $50 million in annual revenue and the potential for global reach. By providing efficient, direct funding and a unique formula of mentorship, BSIP helps steer highly creative entrepreneurs and operators towards success.
BSIP focuses on opportunities within the fields of sports, financial services, entertainment, and technology, and operates out of the Dallas Cowboys World Headquarters at The Star in Frisco, Texas. For more information, visit www.bluestarinnovationpartners.com.
About Providence Strategic Growth
Providence Strategic Growth (“PSG”) is an affiliate of Providence Equity Partners (“Providence”). Established in 2014, PSG focuses on growth equity investments in lower middle market software and technology-enabled service companies. Providence is a premier global asset management firm that pioneered a sector-focused approach to private equity investing with the vision that a dedicated team of industry experts could build exceptional companies of enduring value. Since the firm’s inception in 1989, Providence has invested in more than 200 companies and is a leading equity investment firm focused on the media, communications, education, software and services industries. PSG is headquartered in Boston, MA, with offices in London and Kansas City. For more information on PSG, please visit www.provequity.com/private-equity/psg, and for more information on Providence, please visit www.provequity.com.
Payrix enables vertically-focused SaaS companies to embed and manage payments natively within their software, securing additional recurring revenue and creating an awesome experience. Payrix provides the tools to create a seamless, embedded user experience, and offers clients the choice of payment facilitation-as-a-service (PFaaS) or a full payment infrastructure (payment IaaS) product based on business appetite. Payrix is a cloud built, API-first platform that is highly flexible, customizable and scalable.
Created by payments and technology experts, Payrix is designed to seamlessly grow with tomorrow’s innovative technology platforms. Payrix is a privately-held company, headquartered in Frisco, TX and backed by Blue Star Innovation Partners and Providence Strategic Growth. For more information about Payrix, visit http://www.payrix.com.
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