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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

Richmond Times Dispatch Startup Spotlight

Richmond Times Dispatch Startup Spotlight: FinTech firm Paymerang adds people and space Source: Richmond Times Dispatch Paymerang Enrollment Manager, Mary Alice Byrd (center, rear) addresses a staff meeting at the Boulders office park in Chesterfield County. The company’s space is more than double the size of its previous office. After raising $26 million in investments … 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.

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Richmond Times Dispatch Startup Spotlight

Richmond Times Dispatch Startup Spotlight: FinTech firm Paymerang adds people and space

Source: Richmond Times Dispatch
Paymerang Enrollment Manager, Mary Alice Byrd (center, rear) addresses a staff meeting at the Boulders office park in Chesterfield County. The company’s space is more than double the size of its previous office.

After raising $26 million in investments last year, Chesterfield County-based financial services technology firm Paymerang has added jobs and moved to a bigger office.

“Things have been going well — we are growing fast,” said Nasser Chanda, Paymerang’s chief executive officer. “We are signing on new clients and new partnerships.”

Paymerang competes within a fast-growing market often referred to as FinTech — short for financial technology.

The company provides a technology platform that allows clients — which include health care providers, educational institutions, manufacturers and other businesses — to pay all their vendors electronically.

Since it was founded in 2010, Paymerang has grown to become a processor of more than $2 billion in payments a year to about 80,000 suppliers nationwide, with 75 percent receiving electronic payments.

The company has recently taken a bigger step into the banking market. In March, Paymerang announced it had partnered with Community Bankers’ Bank, a Chesterfield-based institution that provides services for community banks, to offer Paymerang’s electronic payables solution to that company’s client community banks and their commercial customers.

The Paymerang service will let Community Bankers’ client banks to automate their accounts payable disbursements.

“The banking vertical is very important for us,” Chanda said. “These small community banks have the challenge of larger banks coming into their markets with competitive products. What we can offer is a solution for them” by outsourcing their accounts payable processing to Paymerang.

That allows the banks to focus on managing their core business, Chanda said.

In March 2018, the company received a $26 million investment from Aldrich Capital Partners, a Vienna-based private equity firm, to help the company expand and hire more employees.

A few months after the investment, Paymerang moved from its 5,000-square-foot office just off Midlothian Turnpike into an office in the Boulders office park, more than doubling its office space.

The company, which said last year that it expected to hire more than 100 people over the next five years, now employs more than 60.

Chanda said the company has benefited especially from a deep talent pool in both finance and technology in the Richmond region.

“We have grown our leadership team into a much deeper and stronger team” Chanda said. “We have had expertise coming to us from places like Capital One and Genworth.”

Chief Technology Officer Andy Savage, Director of Operations Greg Marcel and Human Resources Director Gloria Garber are among those on the leadership team who have joined Paymerang in the past year, with experience at other corporations in the region such as Capital One, Genworth, Anthem, Impact Makers and Unboxed Technology.

“The next piece of the puzzle is midmanagement,” Chanda said. “We are hiring professional leaders of teams. We are bringing in project managers. We are hiring salespeople and developers.”

Source: Richmond Times Dispatch