November 6, 2018

SunTrust stakes Glastonbury’s Payrailz

Photo | Contributed
Photo | Contributed
Payrailz launched in Nov. 2017.

Glastonbury digital-payments vendor Payrailz says one of the Southeast's biggest banks has joined its investor ranks.

SunTrust Banks Inc., parent of Atlanta's SunTrust Bank, obtained an unspecified stake for an unspecified price in the privately held financial-technology services -- fintech -- company, Payrailz CEO Frank Duggan said Monday.

Waterbury regional lender Webster Bank is Payrailz's only Connecticut investor on a list that includes First Data, Live Oak Ventures, Woodforest National Bank and TTV Capital, Duggan said.

SunTrust did not immediately respond to a request for comment.

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