Paymerang is a leading innovator in Accounts Payable (AP) Automation that is committed to helping organizations overcome the immense economic pressures they face today. Pulse 2.0 interviewed Paymerang CEO Nasser Chanda to learn more.
Nasser Chanda’s Background
Nasser Chanda started his career in investment banking at PwC where he earned a CPA design. “I bring over 25 years of experience in startups and payments companies to Paymerang, including launching and growing Brink’s Global Payments to a profitable business with over $100 million in revenue and operations in five countries. I also led global strategy while there,” said Chanda. “I’m currently responsible for ensuring that the company’s customers receive the world-class service they have come to expect, day in and day out, from Paymerang’s incredibly talented and dedicated employees.”
Favorite Memory
What has been your favorite memory working for Paymerang? “I have so many wonderful memories at Paymerang and they all center around moments with our team members – from winning new business to celebrating our birthdays to serving our community,” Chanda shared. “There’s phenomenal energy and flow to our day at Paymerang. People come together selflessly to serve clients and tackle big challenges, and they truly care about each other.”
Challenges Faced
What are some of the challenges Chanda faced in building the company and has the current macroeconomic climate had any effect on the company? “None of us are immune to the challenges impacting companies today. Still, Paymerang has fared well considering the effects many FinTechs are experiencing,” Chanda acknowledged. “Since 2018, Paymerang has consistently grown revenue at an annualized rate exceeding 40% and hired over 100 people last year across the company. Our unique work culture is values-based, diverse, and inclusive. When people experience who Paymerang is and what we do, they are excited to work here. No matter how fast or much we grow, we are committed to maintaining our core values and living them out daily. This creates the perfect foundation for scale and growth.”
Core Products
What are Paymerang’s core products and features? Chanda pointed out Paymerang’s core product is the full-suite Accounts Payable (AP) Automation platform, which includes automated invoice and payment processing to bring AP departments into the modern age.
Paymerang’s Invoice Automation solutions enable a company’s finance team to have greater visibility into cash flow along with added benefits such as increased efficiency, better accuracy and improved timeliness. Some features to highlight include:
– Intelligent Data Capture to reduce processing time and errors
– Electronic Document Workflow to enhance visibility and speed up approvals
– Automated G/L Posting to improve accuracy and efficiency
– Electronic Audit Trail and Document Archiving to augment transparency
– HIPAA Compliant: Secure and protect patient information within the Invoice Automation Platform
Paymerang’s Payment Automation solutions offer a host of benefits for time-strapped finance teams such as greater efficiency, more security, greater speed, ongoing support and even increased revenue through cash-back rewards earned on virtual card payments. Here are some features that are sure to resonate with time-strapped finance teams:
– A single, automated process to pay vendors through multiple methods
– Less time and money spent by eliminating check printing, postage, envelopes, and chasing uncashed checks
– Automatic reconcilement to ensure no outstanding payments or uncashed checks
– Self-service reporting and detailed analytics for more transparent decision-making
Evolution Of Paymerang’s Technology
How has Paymerang’s technology evolved since launching? “In 2010, Paymerang offered Payment Automation for clients to alleviate the burdens they were experiencing because of manual accounts payable processes. In 2020, we launched our Invoice Automation platform at a client’s request to help them and other organizations simplify invoice processing and empower them to focus on more value-added tasks,” Chanda explained.
Product Awards
Paymerang’s innovative products and finance automation solutions have been recognized on a national level. Some of the company’s recent awards include:
– Grit Daily Top 25 FinTechs to Watch – 2022, 2023
– FeaturedCustomers Accounts Payable Software Customer Success Report – 2022, 2023
– Corporate Vision, Corporate Excellence awards – 2021 Leading Supplier Payment Automation Specialist
– The Tech Tribune – 1st Place in 2019 and 2020 as Best Tech Startups in Richmond, VA
Most Significant Milestones
What have been some of Paymerang’s most significant milestones?
— 2017: Paymerang changed its name from The Payments Company to Paymerang to symbolize the simplicity of using automated Accounts Payable.
— 2018: Aldrich Capital Partners Invested $26 million in Paymerang to help the company grow in the Procure-to-Pay space with new jobs, products, sales channels, and operational infrastructure. Paymerang intended to significantly expand operations in the Richmond metro area and add over 100 jobs over the next 5 years.
— 2019: Paymerang acquired Inworks, which bolstered its healthcare offering, and created the most comprehensive ePayables solution in this industry. The acquisition was made possible by the investment from Aldrich Capital Partners as it enabled Paymerang to rapidly scale the platform through investments and product development.
Internally, Paymerang completed its first office expansion at its Chesterfield County headquarters, giving the organization additional space to grow.
— 2020: Paymerang launched Invoice Automation.
— 2021: Paymerang received additional funding from Aldrich Capital Partners totaling $10 million, providing 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, the product responsible for driving the company’s incredible growth.
— 2022: Paymerang completed its second office expansion, giving the company an extra 13,000 square feet, bringing its total footprint to approximately 33,500 square feet.
In August, Paymerang expanded operations to Big Stone Gap, Virginia, located in Wise County. Employees engage in software development, payment operations, and cloud engineering at this location.
— 2023: Paymerang surpasses 230 employees and maintains its amazing culture while growing rapidly, earning it awards including:
1.) Top Workplace in Richmond – 2019, 2020, 2021, 2022, 2023
2.) Great Place to Work – 2022, 2023
3.) Best and Brightest Companies to Work for nationally – 2019, 2020, 2021, 2022.
4.) Inc 5000 – 2020, 2021, 2022 (fastest growing software company in Richmond, Va.)
5.) Active RVA Certification
Paymerang acquired KwikTag and Sypht in April 2023.
Customer Success Stories
When I asked Chanda about a customer success story, he pointed out that one of his favorite customer success stories comes from one of their valued K-12 education clients.
“They were overwhelmed with tedious and time-consuming manual processes, making it challenging to focus on student activities, explore new projects, and find new ways to run their business more strategically and profitably. After implementing Paymerang, not only were they able to achieve these goals, but one of their employees was able to use the extra time gained from Paymerang to advance his career from practitioner to accountant, driving value and fulfillment,” Chanda reflected.
Funding
Over the past three years, Paymerang has been recognized as Inc. 5000 company for three years in a row. In terms of funding, Aldrich Capital Partners invested $26 million in Paymerang in 2018 to help the company grow in the Procure-to-Pay space with new jobs, products, sales channels, and operational infrastructure.
“Paymerang intended to significantly expand operations in the Richmond metro area and add over 100 jobs over the next 5 years. In 2021, Paymerang received another round of funding from Aldrich totaling $10 million, providing new capital to expand sales and marketing efforts and build new finance automation solutions for mid-market organizations,” Chanda explained.
Total Addressable Market
What total addressable market (TAM) size is Paymerang pursuing? “It’s a $12 billion market and the boundaries are expanding as the office of the CFO seeks to automate more work through software,” Chanda assessed.
Differentiation From The Competition
What differentiates Paymerang from its competition? “Paymerang stands out against its competitors as one of the only payment companies providing a comprehensive cloud-based platform backed by a highly responsive and live payment operations team,” Chanda pointed out. “We bring a suite of payment processing capabilities that includes automated invoice processing, coding, and approval, as well as payment processing, transmission, protection, and reconciliation. We offer clients world-class customer care and service that we are incredibly proud of. Our clients voted for our most recent Net Promoter Survey Score of 68.”
Future Company Goals
What are some of Paymerang’s future company goals? “From a strategic perspective, we want to keep growing at a rapid rate and expanding what we do for finance teams through new solutions. As an industry, we’re just scratching the surface in automating tasks and using technology, like AI, to transform the office of the CFO,” Chanda concluded. “We want to elevate finance teams around the world to become more strategic and valuable to their organizations, and thereby strengthen industries like education, healthcare, and manufacturing. At the same time, we want to reinforce our amazing culture, delivering world-class performance while fostering a great place to work.”
