- Tilled announced recently that it raised $11 million in Series A funding. These are the details.
Tilled announced recently that it raised $11 million in Series A funding to empower software companies to monetize the payments flowing through their platforms.
The funding round – which positions Tilled to become the category leader in the PayFac-as-a-Service space – is led by Rebecca Lynn from Canvas Ventures and joined by Abhinav Tiwari, former head of investments and M&A at Stripe, Henry Ward, founder and CEO at Carta, and existing Tilled investors including Abstract Ventures, Peterson Ventures, Clocktower Technology Group, and several others.
With Tilled, software companies in the United States and Canada can start to profit from the millions or billions of dollars in payments they are processing each year with no startup costs or additional overhead, in just a matter of weeks.
Traditionally, software companies have few choices for processing payments on its platforms. And many start out with managed PayFac providers like Stripe, Square, and Braintree — who offer easy-to-use APIs and instant onboarding, but at a high cost of 2.9% and 30 cents per transaction with no opportunity to benefit from those payments.
Tilled offers easy-to-implement APIs and seamless merchant onboarding, And Tilled provides the excellent customer experience software companies spend so much time designing for their own product and expect from their partners.
At the same time, Tilled’s revenue share, unparalleled in the industry, allows companies to begin profiting immediately from the payments being processed on their platform. And Tilled offers transparent pricing, and software businesses can see how much they could benefit from the company’s platform using the Revenue Potential calculator.
Tilled had welcomed Rebecca Lynn, co-founder and general partner at Canvas Ventures, as well as Abhinav Tiwari, who has led investments and M&A at Stripe, Dell and Amazon to its board of directors. Lynn brings over 20 years of fintech operating and investing experience to the board, and she works closely with early-stage founders to refine their product-market fit and expand their go-to-market strategy. And Abhinav brings over 15 years of experience in enterprise technology and financial services to Tilled. He had led early-stage investments and acquisitions at Stripe to drive go-to-market acceleration, achieve product-market fit, and acquire localized payment infrastructure.
“As companies grow and scale, they are forced to look at alternatives and transition away from Stripe, Square and Braintree, but the options available to them are difficult, expensive and time-consuming to implement. Often, they also sacrifice customer experience in the process. Companies shouldn’t have to choose between modern technology and competitive economics when it comes to choosing the right payment processing partner. With Tilled, software companies seeking an integrated payments partner no longer have to compromise.”
“When you get Tilled, you get all the technological benefits of payment facilitation, as well as all the economic and branding benefits of becoming a registered PayFac, with no upfront costs or extra overhead. That’s what PayFac-as-a-Service is all about.”
— Caleb Avery, founder and CEO of Tilled
“Tilled has the opportunity to fully transform the payments ecosystem by allowing companies of all sizes – from small businesses to enterprise-level – to capture their own payments revenue. Through their PayFac-as-a-Service infrastructure, Tilled enables software companies to offer vertical payments, which ultimately opens up new revenue streams with little overhead and effort. I look forward to helping Caleb and the team navigate the exciting path ahead as Tilled redefines the PayFac landscape.”
— Rebecca Lynn, co-founder and general partner at Canvas Ventures
“Until now, monetizing payments came at a cost of either sacrificing significant economics for customer experience or undertaking the onerous, heavy lift of becoming a PayFac. Tilled is pioneering a new movement to help software companies build, own and monetize payments without having to deal with expensive customer and pricing trade offs.”
— Abhi Tiwari