November 16, 2017

New fintech opens doors in CT

Photo | Contributed
Photo | Contributed

A new digital-payments provider has joined Connecticut's growing ranks of financial-technology vendors.

Payrailz, 148 Eastern Blvd. in Glastonbury, announced its launch Thursday, providing bill-payment and money-transfer services to banks and credit unions. Payrailz employs 16, though not all are housed in Connecticut, a spokesman said.

Fran Duggan, a co-founder of Payveris, a digital-payments vendor in Wethersfield, is chief executive officer. Duggan previously was CEO of payments consultancy Innoveera, which he also founded.

Live Oak Bank, of Wilmington, N.C., is identified as a Payrailz equity investor.

Aside from Payveris, other Connecticut fintech providers include NYMBUS in Glastonbury, and Windsor's SS&C Technologies, serving Wall Street money-management firms, among others.

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