PayEngine, a white-label payments-facilitation platform for vertical SaaS companies, has raised $1.6 Million in seed funding to support business growth and rollout.

The round was led by Mucker Capital, with participation from leading venture capital firms BAM Ventures, I2BF Global Ventures, and HIVE Ventures, as well as other strategic investors. 

PayEngine will use the seed funding to expand its core team and operations and extend its business reach while ensuring a smooth rollout for existing customers.

Company: Platform Factory, Inc.

Raised: $1.6M

Round: Seed Round

Funding Month: August 2021

Lead Investors: Mucker Capital

Additional Investors: BAM Ventures, I2BF Global Ventures, and HIVE Ventures

Company Website: https://www.payengine.co/

Software Category: Unique payments platform

About the Company: PayEngine is the unique payments platform designed to help vertical market software vendors maximize payment revenue, eliminate liability and reduce complexity, and own and improve customer experience. With PayEngine's platform, software vendors can set their rates over interchange, control margins, and retain the majority of their profits; eliminate MOR liability and dispute management, PCI/data security and compliance issues; and integrate with APIs, drop-in widgets, and customizable UI.

Source: https://www.prnewswire.com/news-releases/payengine-launches-first-payment-facilitation-platform-built-uniquely-for-vertical-saas-and-raises-1-6-million-in-seed-funding-301357316.html