Paywallet Raises $14M in Funding

Paywallet, LLC, a Jacksonville, Fla.-based payroll-linked verification and remittance ecosystem, closed an $8.82m Series A funding round.

The round, which brought total funding raised to date to $14m, was led by new investor Pasaca Capital Inc., and previous investors PruVista Capital LLC, and Arcadia Funds LLC.

The company intends to use the funds to:

  • expand its sales and marketing efforts,
  • build partnerships with other financial products and services companies,
  • extend coverage to 95% of addressable end customers/users,
  • help initiate growth internationally and
  • bring scalable, decentralized applications to the lending industry through blockchain technology.

Led by DK Sharma, CEO, Paywallet is a full life-cycle payroll-linked SaaS platform that provides easy to integrate APIs for its clients for various lending journeys. Paywallet places the borrower firmly and transparently in control of sharing their employment, financial records and identity data for credit decision-making. Lenders and other institutions can leverage the technology to verify employment and bank information and establish payroll-driven remittance instructions for their customers. This enables them to expand access more easily to those consumers who rely on their verified source of income as proof of their ability to pay.