Paymerang was recently featured in the Richmond Times-Dispatch after receiving another capital investment to expand their workforce and products.
The $10 million investment comes from Aldrich Capital Partners, a Bethesda, Md.-based private equity firm. Aldrich previously invested $26 million in Paymerang in 2018, helping the company add employees and office space.
The new capital infusion from Aldrich will be used to expand marketing and sales efforts and build new automated financial management solutions for Paymerang’s mid-market customers.
“It helps us to accelerate our growth rate and expand our reach across the country,” said Nasser Chanda, CEO of Paymerang. “It helps us to bring new talent into the organization, and it helps us scale our offerings to a much broader set of customers.”
Paymerang plans to add about 100 jobs this year to its current staff of about 150.
“On the technology side, we are going to be expanding our product development team,” Chanda said. “On the sales side, we are continuing to grow. We have a strong team of inside sales that we are trying to expand. Our operations team also has growth.”
The initiatives include adding additional accounts payable and accounts receivable components to its core payment automation solution — a product that has driven the company’s growth.
Paymerang will expand its Invoice Automation Solution, which saves time in approving and posting invoices, as well as in reducing errors through automated invoice capture and posting.
“Since our initial investment, we’ve been thrilled with Paymerang’s success,” said Mirza Baig, co-founder and managing partner of Aldrich, in a statement. “I believe this round of funding will accelerate growth and solidify Paymerang’s position as a premier provider of finance automation solutions.”
Read the full article in the Richmond Times-Dispatch.
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