Paymerang, LLC, a Richmond, VA-based provider of electronic payment solutions for businesses, received a $26 million growth investment.
Aldrich Capital Partners made the investment.
The deal will buy out company investors and help Paymerang grow in the Procure-to-Pay space with new jobs, products, sales channels and operational infrastructure. The company intends to expand operations in the Richmond metro area and add over 100 jobs over the next five years.
Founded in 2010 by Steve Winston and led by CEO Nasser Chanda, Paymerang delivers a solution for clients in education, healthcare, media, manufacturing and beyond, to pay all their vendors electronically with a single payment file by handling the entire process, from secure vendor enrollment to payment processing to payment reconciliation and customer service.
The company processes over $1.5 billion in payments annually to a network of over 60,000 suppliers from coast to coast.