Leader to Accelerate Growth and Deliver Complete Finance Automation Suite
Paymerang, a leader in accounts payable (AP) automation solutions, announced a second round of financing from Aldrich Capital Partners in the amount of $10M, which follows-up Aldrich Capital’s initial 2018 investment of $26M.
Paymerang will use the 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—a
product that has driven the company’s incredible growth.
The payment automation solution is a SaaS based offering that enables AP teams to automate vendor disbursements. This solution provides push-button, mass vendor payments, and reconciliation, through a variety of payment modalities, to a network of over 400,000 vendors.
Chanda, CEO of Paymerang, commented, “Despite all the global challenges, it’s
been a phenomenal year of growth for Paymerang, for our people, and for our
clients. We’re excited to deploy this capital infusion to accelerate our
growth, bring new talent into the organization, scale our core offerings, and further
automate the office of the CFO.”
As part of a full finance automation initiative, 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. This
Invoice Automation Solution, when combined with payment automation, provides complete
AP automation from invoice receipt to payment settlement. Moreover, because it’s
a paperless SaaS-based solution, clients can securely operate their finance department,
either in the office or remotely.
“In the current environment, business continuity requires
that organizations move from antiquated, paper-based processes to automated
solutions that reduce costs and free up resources,” continued Chanda. “That
being said, the majority of U.S. companies have yet to shift to an automated
process, which provides us with tremendous opportunities to fill this urgent
“Since our initial investment, we’ve been thrilled with Paymerang’s success,” stated Aldrich Capital Partner Mirza Baig. “I believe this round of funding will accelerate growth and solidify Paymerang’s position as a premier provider of finance automation solutions.”
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