Berlin-based payments platform Payrails has secured a Seed extension round of $14.4 million for its end-to-end operating system that spans the entire payment processing value chain. Funds will fuel a 'product roadmap to solve its customers' complex payment challenges and increase go-to-market capacity, catering to its strong customer pipeline'. So, it will fuel growth.
Building upon the $6.4 million seed round closed last year, this fresh funding round was led by new investor EQT Ventures, General Catalyst also joined the round, along with existing investors Andreessen Horowitz and HV Capital.
The start-up was founded by Orkhan Abdullayev, Emre Talay, and Nicolas Thouzeau, - they previously worked together in the fintech services division of Delivery Hero, where they saw firsthand the pain points fast-moving companies can experience across today’s digital payments-first landscape. Payrails was created to dissolve those pain points and simplify the payments environment.
“We are extremely proud of what we have built and look forward to the journey ahead. As payment processing gets more complex once companies scale, the need to keep advancing the payment stack and leverage multiple processors to improve performance becomes the industry standard. Leading companies understand the strategic importance of optimising payments and are searching for flexible solutions that can adapt to their needs. With EQT Ventures, General Catalyst, Andreessen Horowitz and HV Capital, we have found strong partners with significant experience in FinTech and payment systems who believe in our long-term vision of enabling large-scale global platforms to build end-to-end payment solutions as we develop the next-generation payment operating system," says Orkhan Abdullayev, CEO and Co-Founder of Payrails.
“Enterprise customers require a high quality, reliable payments product that can manage complex money flows, increasingly in a multiprocessor environment. To build a scalable product for this is akin to building the SAP of payments. This requires both depth and experience in building similar products, and this is why the Payrails team is ideally positioned to tackle this challenge - the positive feedback from their live customers is a testament to this. We are passionate about payments and teams that are building generation-defining solutions. Payrails addresses one of the major challenges in payments, and we look forward to being part of Payrails’ journey,” says Kaushik Subramanian, Partner at EQT Ventures.