Tag Archives: invoice automation


Paymerang Featured in the Richmond Times-Dispatch

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 … Read More

Global FinTech Series Interviews Paymerang CEO on Innovation in FinTech

In a recent interview with Global FinTech Series, Paymerang CEO Nasser Chanda discussed why FinTech companies need to keep innovating to address changing business needs and how automation is integral to the better functioning of finance teams. What are some of the biggest trends that you’ve followed as a FinTech executive over these years? One … Read More

Paymerang Receives Additional $10M in Funding

AP Automation 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 … Read More

Paymerang Launches Industry-Leading Invoice Automation Solution

Benefits include numerous efficiencies in accounts payable processes. Paymerang, a leader in accounts payable automation, has launched an innovative Invoice Automation Solution designed to help organizations gain efficiency, improve accuracy, enhance visibility, and eliminate paper in their accounting processes. Paymerang’s Invoice Automation Solution utilizes artificial intelligence to read captured invoices and extract data points which … Read More

Paymerang Featured in the Richmond Times-Dispatch

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.

Learn how your finance team can leverage the latest in finance automation technology by scheduling a no-obligation call with our team here.

Global FinTech Series Interviews Paymerang CEO on Innovation in FinTech

In a recent interview with Global FinTech Series, Paymerang CEO Nasser Chanda discussed why FinTech companies need to keep innovating to address changing business needs and how automation is integral to the better functioning of finance teams.

What are some of the biggest trends that you’ve followed as a FinTech executive over these years?

One of the biggest trends in payments and FinTech is the move to the “Perfect Payment”. That’s a payment which is accurate, timely, accessible, and efficient. This will happen through technology tools implemented for the buyer and the vendor. Looking at it from the consumer space, before PayPal came along, consumers had limited ways of transferring money or paying for goods. PayPal created a secure solution for financial transactions to happen on mobile devices and in emails, and then linked those transactions into the traditional rails. That made payments easy and accessible for the world. Now we have Venmo and Zelle to increase our options. In the AP world where Paymerang lives, we’re solving the same problems of accuracy, accessibility, efficiency, and timeliness, except that the equation gets complicated by aggregated invoices, credit memos, short payments, and voluminous reconciliations. Then you add the challenges of fraud prevention to that. The more the rails are synchronized for buyers and vendors, the more we can reduce friction and enable the Perfect Payment. We need more software and more tools tackling these problems. One of the tools we’re using at Paymerang is artificial intelligence (AI) to read invoices, intelligent rules to route these invoices, and APIs to post these invoices to the general ledger. All that being said, there is a crucial human aspect required to building a payment solution, which I believe many of Paymerang’s competitors miss out on. Payees don’t all act the same—some want to receive payment by email, but others may require a phone call. In the payment space, it is critical to know how to balance technology and human interaction. Though we’re a FinTech at our core, we try to make Paymerang a very human company.

In what ways have you seen emerging technologies like AI impact FinTech and payment solutions?

We use AI to read invoice data and have also seen robotic process automation (RPA) automate cash application. Rules-based engines and low-code technologies are being used widely now to automate basic tasks. These are tools though, and the companies that can architect them into practical solutions will win. The human element is critical here. Paymerang believes in automation combined with humans for the optimal environment.  Great technology should combine AI with humans through great experiences to deliver successful outcomes.  The combination is the silver bullet.  Too much reliance on one without the other is far less optimal and potentially full of risk.

What are some of Paymerang’s upcoming product innovations?

Our newest product is full Invoice Automation, specifically geared toward the needs of small and mid-size businesses. In the future, we plan on bringing more products to Finance officers that enable them to automate more functions within their realm of influence, including both the AP and AR functions. We’re continuing to grow our team, promote our people, and research new business opportunities. The fun part is in creating a culture of innovation that helps our people be successful and solves problems for our customers.

Learn how your finance team can leverage the latest in finance automation technology by scheduling a no-obligation call with our team.

Click here to read the full Global FinTech Series article.

Paymerang Receives Additional $10M in Funding

AP Automation 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.

Nasser 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 need.”

“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.”

Learn how your finance team can leverage the latest in finance automation technology by scheduling a no-obligation call with our team here.

Paymerang Launches Industry-Leading Invoice Automation Solution

Benefits include numerous efficiencies in accounts payable processes.

Paymerang, a leader in accounts payable automation, has launched an innovative Invoice Automation Solution designed to help organizations gain efficiency, improve accuracy, enhance visibility, and eliminate paper in their accounting processes.

Paymerang’s Invoice Automation Solution utilizes artificial intelligence to read captured invoices and extract data points which minimizes the amount of manual data entry. The product increases workflow efficiency through the ability to electronically route and approve invoices. Invoices can be ingested in bulk and split appropriately after they are loaded thus cutting down on time spent inputting invoices into the system. All actions taken on a given invoice are captured and documented, providing an electronic audit trail.

“Our solution uses the latest technology to save companies time in approving and posting invoices, and helps them reduce errors through automated invoice capture.” said Nasser Chanda, CEO of Paymerang.

Chanda further noted that the Invoice Automation Solution allows accounting professionals to gain immediate visibility to all invoices and their approval status, along with enabling companies to go paperless due to electronic processing and archiving.  

Paymerang recently provided a seamless integration of the Invoice Automation Solution to the accounts payable processes at Collegiate School in Richmond, Va. “We’re delighted with the efficiencies in approving and posting invoices that have been gained through this quality financial product,” said Jenn Quindoza, Controller/Risk Manager for The Collegiate Schools. “Our budget managers now have instant access to processed invoices, and they love that it’s paperless.”

“Our product is revolutionary for clients that want to move into the digital age,” concluded Chanda, noting that it leverages the latest machine learning technology. “Invoice automation is a critical component to full-scale accounts payable automation, thereby helping organizations become more efficient, secure, and profitable.”

Click here to learn more about Paymerang’s Invoice Automation Solution. 

You can view the official press release here