Payworks, provider of a next generation payment processing technology, announced today that it raised 4.5m USD in Series A financing from investors Rumford and HW Capital, as well as leading US & European payment executives.
Existing investor Speedinvest also joined the round. The additional capital will be used to fuel the company’s further expansion in Europe and North America.
Payworks provides a Software-as-a-Service gateway technology for the secure processing of sensitive credit card information from a merchant’s payment terminal to the bank. Until recently, credit card payments at the point of sale have been processed on outdated infrastructure, leading to high cost for merchants, security problems and very little flexibility. Payworks provides the technology to modernize point of sale applications, competing with incumbent heavyweights of the retail payment industry.
Payworks’ payment gateway technology ‘Pulse’ is a lightweight platform which can be rolled out anywhere in the world and allows for quick and seamless deployment of EMV (chip-enabled) payment processing for both stationary and mobile point-of-sale solutions. Traditional point of sale vendors have struggled especially with the implementation of mobile solutions, and Payworks closes this gap. As an API-based, developer-focused platform, Pulse provides great flexibility, especially for innovators integrating specialized cashier system solutions, loyalty program and other apps for merchants at the point of sale.
Payworks provides its technology to payment providers in more than 15 different countries, who serve hundreds of thousands of merchants in a variety of verticals. Payworks’ Series-A funding will be used to further expand its footprint in Europe and North America.
Nikolaus von Taysen, Partner at Rumford, on the investment: “Payworks is one of the very few companies that has a shot at replacing an old and outdated infrastructure on a global scale. We are very excited to be part of this journey and work together with their excellent team on achieving this vision.”
“We are extremely happy on having closed our Series A with a great group of investors”, says Christian Deger, CEO and Co-Founder of Payworks. “With their support, we will make Pulse available to even more merchants worldwide and establish our position in the market as a leading payment gateway technology company.”