Payabli, the payments infrastructure platform for software companies, announced the closing of a $28 million Series B funding round. This funding round comes just nine months after Payabli raised its Series A, led by QED Investors, bringing the total capital in the company to date to $60 million. The Series B funding round was led by Fika Ventures and QED Investors, with participation from existing investors TTV Capital and Bling Capital.
How the funding will be used: The new funding round will advance Payabli’s product development, with a targeted focus on AI-based features designed to deliver personalized experiences for customers. And these innovations aim to enhance operational efficiency, elevate the customer experience, and drive revenue across the platform. Additionally, Payabli will improve its customer success, operations, and go-to-market teams to ensure a consistently high-quality customer experience, supporting the company’s continued growth.
Payabli will also utilize its Series B funding to continue product development and further expand its 3P offering, which includes Pay In, Pay Out, and Pay Ops capabilities. Following the launch of its On-Demand Payables product, the company is now introducing its first embedded Spend Management solution. Informed by direct feedback from existing customers, Payabli is reimagining embedded spend management by enabling software platforms to offer branded expense programs with both physical and virtual cards.
Through complete API control over card issuance, spend limits, and fraud protection settings, platforms can take ownership of client expense volume, capture interchange revenue, and eliminate dependence on third-party tools. Supporting both credit and debit models, Payabli empowers platforms to become fully integrated financial systems for their customers, delivering unmatched flexibility, speed, and control.
Momentum: This follow-on funding is a testament to Payabli’s significant growth over the past year, marked by the activation of multiple billions in live processing volume and a 7 times year-over-year increase in revenue. And the company has also surpassed 50,000 merchants on its platform, launched embedded payments with several of the largest enterprises in the need-to-pay verticals, and established multiple new integrations and partnerships with processors and sponsor banks.
In connection with the investment, Payabli is exploring AI applications across two primary fronts: first, to streamline operations and drive efficiency across the organization, and second, to enhance its platform with smarter and more personalized customer experiences that ultimately increase revenue and margin.
Amigo launch: Payabli recently launched Amigo, which is its first AI-powered support agent, now available through the company’s technical documentation, web platform, and natively within Slack. Amigo also delivers a wide range of functionality, from acting as a solution engineer that helps software companies integrate faster and more efficiently, to serving as a support representative that resolves tickets quickly and accurately, to functioning as a business analyst that assists software partners with reporting and analytics through a user-friendly, chat-based interface and much more.
Developing risk and fraud models: Payabli is also developing advanced risk and fraud detection models trained on proprietary customer data. Unlike one-size-fits-all solutions, these models are designed to deliver tailored risk assessments specific to each customer’s business and industry. To accelerate and scale this initiative, Payabli is partnering with NVIDIA to leverage their cutting-edge AI infrastructure.
KEY QUOTES:
“We’ve believed in Payabli’s vision since day one and have seen Jo and Will consistently exceed expectations as they build the future of embedded payments. Their ability to deliver a full stack, developer first platform that wins in complex, need-to-pay verticals is unmatched. We’re proud to continue leading their Series B and deepen our partnership with a team that exemplifies executional excellence and relentless customer focus.”
TX Zhuo, Managing Partner at Fika Ventures
“We initially backed Payabli because we believe deeply in Jo and Will’s approach to embedded payments—and they’ve executed relentlessly. They’ve built the right platform at exactly the right time, as software platforms become the next major players in payments. With a full-stack offering, rapid product velocity, and strong traction in complex verticals, Payabli has emerged as a category leader. We’re excited to double down and support their next phase of growth as they redefine modern payments infrastructure.”
Laura Bock, Partner at QED Investors
“2024 was a transformative year for Payabli, as the flywheel of embedded payments truly kicked in and propelled us to outperform even our most ambitious goals. We’re fortunate to be experiencing rapid growth at a time when AI is poised to revolutionize the financial services industry. When our investors approached us about doubling down on Payabli, we saw a clear opportunity to go on the offensive by accelerating AI enablement across our platform and organization to drive further growth and bring groundbreaking new products and capabilities to market faster.”
Joseph Elias Phillips, Co-Founder and Co-CEO of Payabli
“Since day one, we’ve remained committed to our 3P strategy of unifying Pay Ins, Pay Outs, and Pay Ops. Over the past year, we’ve dedicated significant time and resources to building out our Pay Outs team and product suite, and we’re thrilled to expand this offering with the launch of On-Demand Payouts (ODP) and the upcoming release of our Spend Management solution. We believe that offering a diverse, API-first suite of Payables products, designed for flexibility and tailored to fit a wide range of use cases and industry needs, is a true differentiator and a cornerstone of our strategy.”
William Corbera, Co-Founder of Payabli
