December 4, 2017

Glastonbury fintech startup raises $6M

Glastonbury digital payments provider Payrailz said it will receive a $6 million capital infusion from an investment group that includes a financial firm, two venture firms and two banks.

The investors in Payrailz, which launched in November, are Austin, Texas venture firm Live Oak Ventures; Woodlands, Texas' Woodforest National Bank; Waterbury-based Webster Bank; Atlanta, Ga. venture firm TTV Capital; and East Hartford's FirstData. FirstData provides credit card processing services for small/large businesses and national financial institutions.

Payrailz CEO Fran Duggan said the investors "understand what is needed and support our mission to revitalize the payment experience by taking advantage of the latest in technology such as [artificial intelligence], open API's and cloud-based infrastructure."

Payrailz provides bill-payment and money-transfer services to banks and credit unions.

Leaders at four of the five businesses, with the exception of Webster Bank, sit on Payrailz's board of directors, the company said. They include:

  • Neil Underwood, president of Live Oak Bancshares and Live Oak Ventures;
  • Mark A. Johnson, general partner of TTV Capital;
  • James D. "Jay" Dreibelbis, president and COO of Woodforest National Bank; and
  • Raymond Merk, vice president of First Data.

Dreibelbis said his firm is eager to support a "forward-thinking" company like Payrailz.

"Payrailz's approach to payments will give consumers an unmatched and more engaging experience compared to what is available in the marketplace today," he said.

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