Tag Archives: news article


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

How The Supplier Guides The Accounts Payable Evolution

A PYMNTS Article Featuring Paymerang This article was originally published on PYMNTS.com In a pre-COVID environment, accounts payable (AP) departments had three major struggles, according to Nasser Chanda, CEO of Paymerang. The first was overcoming the burden of manual processes, from invoice ingestion and approval to payment initiation and reconciliation. The second was ensuring that payments to … Read More

Richmond Inno Article

How Richmond’s Paymerang Found Success Digitizing B2B Payments For many businesses, the work involved in handling supplier payments can be exasperating. Every invoice needs to be recorded, approved, paid and then reconciled, and management of that system can consume hundreds of hours of employee time annually. Nasser Chanda, CEO of Richmond-based fintech company Paymerang, believes … 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.

Click here to read the full interview with Global FinTech Series.

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

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.

How The Supplier Guides The Accounts Payable Evolution

A PYMNTS Article Featuring Paymerang

This article was originally published on PYMNTS.com

In a pre-COVID environment, accounts payable (AP) departments had three major struggles, according to Nasser Chanda, CEO of Paymerang.

The first was overcoming the burden of manual processes, from invoice ingestion and approval to payment initiation and reconciliation. The second was ensuring that payments to suppliers were made timely and accurately, and the third was B2B payments fraud.

Today, Chanda told PYMNTS in a recent interview, those challenges are largely the same – only amplified in a market marred by volatility as a result of the pandemic. As organizations’ AP departments move to overcome these elevated hurdles, automation technology and payment innovations will emerge as key tools to help them get where they want to go.

Yet unless AP departments and their technology providers consider the supplier in their innovations, organizations will not achieve the desired results in modernization, efficiency and security.

“I think that’s the future of business payments,” Chanda said of the opportunity to consider both buyer and supplier needs within AP departments. In the evolution from lockboxes to bank-sponsored electronic payments to single-payment-file capabilities, the next iteration of B2B payments will be synchronized workflows that move funds and data between B2B partners.

Fighting Fraud

In the midst of the COVID-19 crisis, fraud has blossomed to new heights, and AP departments haven’t been spared. It’s a pain point that hits both buyers and suppliers, whether invoices are forged or fraudulent payments are made. In any case, both the buyer and supplier are at risk of losing money and facing even greater inefficiencies in their workflows.

“Security has become even more important in terms of increased invoice and payment fraud, because now we’re all doing things by email,” explained Chanda.

Indeed, without the proper authorization checks, AP personnel are facing a growing risk of business email compromise (BEC) scams that dupe professionals through fake email addresses and impersonation tactics.

“There are two things in the AP world that support fraud. One is lots of email and not enough talking to each other, and the second is the urgency that has created of ‘let’s get this thing done right away,'” noted Chanda.

Integrated technologies that can automate invoice and payment authorization, while maintaining a secure electronic paper trail of transactions, are important for mitigating this threat.

To continue reading the PYMNTS article click here.

Richmond Inno Article

How Richmond’s Paymerang Found Success Digitizing B2B Payments

For many businesses, the work involved in handling supplier payments can be exasperating. Every invoice needs to be recorded, approved, paid and then reconciled, and management of that system can consume hundreds of hours of employee time annually. Nasser Chanda, CEO of Richmond-based fintech company Paymerang, believes his company offers the ideal solution: automation of the entire vendor payment process.

“Rather than having to manage their accounts payable, companies upload a payment file and send us the funds, and then we do all of the work at the back end,” Chanda said. “We enroll their vendors in our network, execute payments on their behalf, and then settle and reconcile those payments.”

Paymerang specializes in serving mid-market businesses in the healthcare, education, media, technology and manufacturing industries. The company’s ultimate objective, Chanda said, is to help its clients become more efficient, secure and profitable, and vendors appreciate the service because it allows them to receive payments more quickly.

In addition to providing time-saving convenience, Paymerang generates additional revenue for companies in the form of cash rewards.

“Our clients don’t pay us. We pay them,” Chanda said.

The concept is similar to consumer credit cards that offer cash back on purchases. Paymerang earns money back on the electronic payments it makes and then splits those rewards with its clients. According to Chanda, companies that use the service earn an average of $50,000 in rebates annually.

Paymerang currently processes billions of dollars in payments every year for clients spanning across the nation, its network includes more than 60,000 suppliers, and 75 percent of the payments it handles are made electronically.

Advanced security is one of the key components of Paymerang’s business model. The company’s e-payment process uses encrypted data and a two-level authentication system. The company also disburses payments using virtual cards in its own name to further protect its clients from vulnerability to fraud.

“WE’RE HERE FOR THE LONG TERM, AND WE’RE DOING THINGS THAT WILL HELP US BUILD A RESILIENT, STRONG ORGANIZATION SET FOR THE NEXT HUNDRED YEARS.”

Businesses who sign up can expect to be up and running with a full-fledged e-payable program in less than 30 days. No financial investment is required, and the entire registration process can be completed in a few hours.

Paymerang was first founded in 2010 by Steve Winston, who wanted to create a more modernized, automated approach to managing accounts payable. Chanda took over as CEO in 2017. He previously worked at Brink’s—a publicly traded security company headquartered in Richmond—where he launched its global payments initiative and grew it into a profitable business with over $100 million in revenue. Today, he oversees more than 60 employees in Paymerang’s Richmond office.

Last March, Paymerang’s expansion goals gained further traction when it received a $26 million investment by Aldrich Capital Partners, a private equity firm based in Bethesda, Md. Those funds are being used for investments in several key areas, including product development and sales and marketing.

Chanda credits much of the company’s success to the dedication of its employees.

“We have an incredible culture of teamwork, customer focus, positivity and strategic growth,” he said. Those efforts appear to be going a long way in securing a loyal client base, as the company enjoys high retention rates among its customers: “We’re loved by our clients. They basically don’t leave us,” said Chanda.

The finance automation industry is still in a stage of infancy, but market data suggests that it will continue to grow at a rapid pace.

If Chanda’s vision is realized, his company will make a positive impact on the local economy for years to come.

“We love the talent we have in Richmond, and we love to invest in Richmond,” he said. “We’re here for the long term, and we’re doing things that will help us build a resilient, strong organization set for the next hundred years.”