Payveris offers the MoveMoney Platform, an open-API cloud-based platform that enables financial institutions to control, simplify, and extend digital money movement across applications and devices. At the time of the announcement it served over 180 credit union clients. Payveris announced the formation of PayverisCU, a newly formed Credit Union Service Organization, and VyStar Credit Union served as the initial investor in a $10 million capitalization to establish the CUSO's operations. The capital will be used to accelerate product development of the MoveMoney Platform and to build digital member experiences focused on money movement, money management, and financial wellness. Payveris said it will continue platform development, expanding open APIs to support debit and credit cards, additional real-time payment rails, content aggregation, artificial intelligence, enhanced fraud management, and back-office user support tools. Payveris positions PayverisCU as a collaborative vehicle with progressive credit unions to deliver next-generation digital payments and reduce user-experience friction. Payveris is a provider of digital money-movement technology to financial institutions, based in Cromwell, Conn. Led by CEO Ron Bergamesca, the company created The MoveMoney Platform, an Open API cloud-based platform that enables financial institutions to control, simplify and extend digital money movement capabilities to any application or device. The platform is designed to reduce operating costs and future-proof IT investments. Payveris intends to use recent funding to accelerate client acquisition, drive platform innovation and scale up the organization. The company recently completed a Series D financing, strengthening its balance sheet for growth. No operating metrics were disclosed in the article. Payveris provides a cloud-based, open API digital payment and money-movement platform designed to help financial institutions compete in a digital world. Its platform supports electronic bill presentment and payment, person-to-person (P2P) transfers, external (A2A) account transfers, and business payments through a single unified platform using APIs and widgets. The company positions its technology to give financial institutions control of the user experience, extend payment capabilities into third-party applications, accelerate payments, and reduce operating costs. Payveris has rapidly expanded its customer base, adding more than 100 financial-institution customers in the past two quarters and now serves 180 banks and credit unions and 21 fintech partners. The team has grown by 40 percent recently, including the addition of Mohan Chunduri as senior vice president of operations. The company says it will use the new funding to continue rapid growth and develop new payment platform features over the coming year. Payveris offers a cloud-based ePayments platform that provides bill payment and interbank transfer solutions to banks, credit unions and distribution partners. The company's platform is delivered via APIs and a library of moveable widgets, enabling white-label, integrated and customized payment experiences for financial institutions. Payveris positions its cloud-based payment-processing platform as a lower-cost alternative to other processing solutions and says it is the only cloud-based payment-processing platform in the market. Its product set targets community banks, credit unions, core processors and online-banking providers and emphasizes improved user experience and regulatory alignment. The company has a fast-growing roster of bank and credit union clients and highlights its ability to help institutions reclaim payment services. Payveris plans to use new funds to support its distribution network, expand sales and marketing, and continue investment in its cloud platform.

Total raised

$30M

Funding rounds

4

Latest round

Equity

Latest activity

Aug 2019