PayEngine, a Los Angeles CA-based payments-facilitation platform built for vertical SaaS, raised $1.6M in seed funding.
The round was led by Mucker Capital with participation from BAM Ventures, I2BF Global Ventures and HIVE Ventures.
The company intends to use the funds to expand its core team and operations and extend its business reach.
Led by Spartak Buniatyan, PayEngine provides a payments platform designed to help vertical market software vendors maximize payment revenue, eliminiate liability and reduce complexity, and own and improve customer experience. The company’s white-label offering empowers businesses to add payments services alongside their core software products, and migrating from other platforms can be completed in a matter of days. PayEngine serves SaaS companies across a range of verticals, including automotive, residential and commercial services, construction, health care, utilities, transportation and more.