Paymentology has closed a $175m (£129.4m) funding round to support its ongoing global expansion, product development and the strengthening of its team.
The firm is a next-generation issuer processor, supporting fintechs, digital banks and retail banks to launch and manage payment solutions on a global scale.
Paymentology says much of the issuing layer of the global payments market remains constrained by legacy infrastructure, limiting innovation, speed and the quality of end-user payment experiences.
The company is striving to address this gap through its configurable, cloud-native platform, enabling real-time processing at scale and giving issuers the flexibility to launch, adapt and manage card and digital payment experiences more efficiently across markets.
The investment round was co-led by Apis Partners and Aspirity Partners.
“The future of finance is already here, but legacy infrastructure continues to hold back innovation,” says Jeff Parker, CEO at Paymentology.
“By combining global capability with the flexibility to adapt locally, we enable our clients to compete more effectively with speed, control and efficiency in an increasingly dynamic landscape.”
Effective from this month, the Financial Conduct Authority (FCA) has implemented new rules that mean payments businesses are required to keep customer money separate from the company’s own funds to ensure that it will be available to be returned in the event the firm goes bust.
Annual audits, daily checks and monthly reports are now required from payments companies alongside effective plans to return customer cash if the business fails.
