Paywallet closes $8.82 million Series A

Source: Paywallet

Paywallet LLC, a payroll-linked verification and remittance ecosystem, today announced it has attracted $14 million to date in funding including a recently closed $8.82 million Series A funding round.

The Series A funding round has been led by a new investor Pasaca Capital Inc., a private equity investment firm based in Pasadena, CA. Investors in the previous rounds, PruVista Capital LLC, a Jacksonville, FL based specialty finance investment company and Arcadia Funds LLC, a Burlington, MA based fintech-focused investment manager also participated in this Series A funding round.

“We are excited to partner with our valued investors to bring comprehensive payroll-linked payment and identity software-as-a-service (SaaS) solutions to lending and fintech companies, enabling disruptive models of responsible credit decisioning and predictable repayments”
Tweet this

The latest round of investments will enable Paywallet to expand its sales and marketing efforts, build partnerships with other financial products and services companies, extend coverage to 95% of addressable end customers/users, help initiate growth internationally and bring scalable, decentralized applications to the lending industry through blockchain technology.

“We are excited to partner with our valued investors to bring comprehensive payroll-linked payment and identity software-as-a-service (SaaS) solutions to lending and fintech companies, enabling disruptive models of responsible credit decisioning and predictable repayments,” said DK Sharma, CEO of Paywallet. “The new funding will allow us to accelerate our growth and bring web 3.0 paradigms to lending, changing the way customer data is accessed and used for making credit decisions and, in the process, democratize access to affordable credit for all.”

Paywallet is the only full life-cycle payroll-linked SaaS platform that provides easy to integrate APIs for its clients for various lending journeys. Paywallet places the borrower firmly and transparently in control of sharing their employment, financial records and identity data for credit decision-making. Lenders and other institutions can leverage Paywallet’s technology to verify employment and bank information and establish payroll-driven remittance instructions for their customers. This enables them to expand access more easily to those consumers who rely on their verified source of income as proof of their ability to pay.

“Annually more than $10 trillion of funds move through paychecks,” said Sharma. “Paywallet aims to enable these funds as a secure payment option for any ongoing contractual obligation like leases, loans or buy now pay later (BNPL) transactions.”

The Paywallet team has deep experience in the payments space and payroll-linked lending. Sharma was previously the Chief Information Officer (CIO) of Citigroup International where he led the development of technology to support both payroll-linked lending and short-term financing offerings across various markets. Paywallet was incubated by Pruvista Capital LLC.