Ventura Capital leads growth round in Payall Payment Systems
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With this new capital, Payall will accelerate its global payout partner connections and sales to originating institutions, correspondent banks and regulators as well as further distinguish its breakthrough counterparty risk management, multi-jurisdictional compliance automation and AI deployment.
Gary Palmer, founder and CEO of Payall noted, 'As a repeat founder of successful banktech companies, having financial sponsors who understand the challenges and rewards of building software used by banks and other regulated entities is critical. Mo not only gets the big idea we're powering, but his trusted financial institution network is extraordinarily valuable to me and Payall.'
As noted, part of the investment is earmarked to expand the sales team in order to respond to growing awareness at originating institutions that they can compete and win in crossborder payments with Payall. With regard to correspondent banks, Gary noted, 'our tech enhances their capabilities that work, but uniquely addresses serious problems that drive fear and friction - we're a correspondent bank and their regulator's best friend'.
Mo El Husseiny, managing partner of Ventura Capital noted, 'Ventura Capital is thrilled to lead this investment and contribute more than capital to Payall's differentiated technology that every financial institution needs to safely and efficiently address the complex and growing cross-border payments market - either as originator, correspondent bank or intermediary bank. We are particularly excited by the recognition among central banks - including being featured on the United States Federal Reserve's FedNow Marketplace - and global regulators that Payall's software is a breakthrough in managing counterparty risk and compliance obligations.'
This funding adds to the previous funding from a16z, Motivate Venture Capital, Thomson Reuters, Presidio Ventures / Sumitomo Corporation, RRE and PS27 and high net worth banking and fintech industry leaders.
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