Paymerang Celebrates 13 Years of Serving Businesses Nationwide
Paymerang turns 13 this year, and we’ve got a lot to celebrate!
In 2010, Paymerang, formally known as The Payments Company, was founded with one goal: to simplify Accounts Payable (AP) for businesses and eliminate the pain points they were experiencing. We understood that finance departments were overburdened with manual workloads and desperate to find ways to speed up time-consuming tasks.
Since then, Paymerang has grown from serving a handful of local clients to processing billions of dollars in payments annually for clients nationwide across various industries, including healthcare, K-12 and higher education, public sector, manufacturing, senior living, and hospitality.
A Cause for Celebration:
Paymerang has witnessed phenomenal growth in the FinTech industry over the past 13 years. Here’s a timeline highlighting some of our most recent accomplishments:
In 2017, we changed our name from The Payments Company to Paymerang. At the time, Payment Automation was the only product offered to users. The change symbolized the simplicity of using automated AP. When you use Paymerang to pay vendors, various benefits come back to you, just like a boomerang does. These benefits include efficiency, time-savings, and better workflows.
2018 was a milestone year for Paymerang. Aldrich Capital Partners invested $26 million in Paymerang to help the company grow in the Procure-to-Pay space with new jobs, products, sales channels and operational infrastructure. Paymerang intended to significantly expand operations in the Richmond metro area and add over 100 jobs over the next 5 years.
Since then, Paymerang has grown from 27 to more than 230 employees while expanding company operations, new product development, sales, and marketing. This exemplifies a growth rate of 50% annually.
In 2019, Paymerang acquired Inworks, which bolstered its healthcare offering, and created the most comprehensive ePayables solution in this industry. The acquisition was made possible by the investment from Aldrich Capital Partners as it enabled Paymerang to rapidly scale platform through investments and product development.
Internally, Paymerang completed its first office expansion at its Chesterfield County headquarters, giving the organization additional space to grow.
Paymerang expanded its product offers in 2020 by doing what we do best: listening to our customers. We launched our industry-leading Invoice Automation solution at a client’s request to help organizations gain efficiency, improve accuracy, enhance visibility, and eliminate paper in their accounting processes.
By this time, Paymerang was quickly gaining momentum and received another round of funding from Aldrich Capital Partners. The additional awarded $10M in funding provided new capital to expand sales and marketing efforts and build new finance automation solutions for mid-market organizations. These initiatives include adding additional accounts payable and accounts receivable components to Paymerang’s core payment automation solution, the product responsible for driving the company’s incredible growth.
Also in 2021, Paymerang launched our Partnership team. Investing in strategic partnerships has been a game changer for Paymerang and played a significant role in its success. Some of our leading partnerships are M3 Accounting Services, LeadingAge, and the Coalition for College Cost Savings.
Another major contributor to Paymerang’s growth was its journey to becoming cloud native. Paymerang is proud to use Paymerang uses Amazon Web Services (AWS) to empower mid-market businesses with accelerated vendor payments and deliver world-class customer service to our clients and their vendors. To support the company’s rapid growth, Paymerang uses five AWS products for its operations and client services, including Amazon Aurora, Amazon Connect, Contact Lens, Amazon Cognito, and Amazon QuickSight.
Paymerang also provided cloud-training programs for its cloud engineers, consisting of general certifications and AWS programs and tools, including basic and advanced courses. By upskilling employees with AWS training and certification, Paymerang reduced deployment times by 4X, reduced recovery time by 5X, and achieved data and system resilience.
2022 was a massive year for Paymerang. Early in the year, Paymerang completed its second office expansion that gave the company an extra 13,000 square feet, bringing its total footprint to approximately 33,500 square feet.
In April, Paymerang was recognized by the Virginia General Assembly for our impact on Virginia and commitment to transforming AP departments and keeping them safe, all while maintaining an award-winning workplace culture.
Later in August, Paymerang expanded operations to Wise County, Va., growing our footprint in Southwest Virginia. Employees are engaging in software development, payment operations, and cloud engineering at this location. Focusing on these critical areas will enable Paymerang to transform finance departments nationwide by helping them to become more efficient, secure, and profitable.
Culture and Mission:
As we’ve gained momentum, Paymerang’s values (integrity, teamwork, passion and positivity, grit, simplicity, and customer focus) have guided the company in helping us maintain an amazing work culture. Awards and achievements include:
- Top Workplaces in Richmond – 2019, 2020, 2021, 2022
- Best and Brightest Companies to work for – 2019, 2020, 2021, 2022
- Inc 5000 – #2899 in 2020, #2373 in 2021, #2918 in 2022, earning it the title of the fastest growing software company in Richmond, Va.
- Great Place to Work Certification – 2022
- Grit Daily Top 25 FinTechs to Watch in 2022 – 2022
- FeaturedCustomers 2022 Accounts Payable Software Customer Success Report – 2022
- Corporate Vision, Corporate Excellence awards – 2021 Leading Supplier Payment Automation Specialist
- The Tech Tribune – 1st Place in 2019 and 2020 as Best Tech Startups in Richmond, VA
- Sports Backers – Active RVA Certification
- Paybefore Awards Winner in 2014 and 2013
Onward and upward:
Paymerang is thrilled with our success and grateful to celebrate these achievements with all our wonderful clients. This success allows us to deliver on our commitment to a better world. We look forward to continued growth in the future!
To learn more about how you can join an award-winning workplace, check out Paymerang’s open positions here.