Verrency announces Series A funding round and global expansion
Payments platform Verrency has announced a $US 15 million Series A funding round in two tranches as it continues to expand internationally. The growth-stage fintech provides payments innovation-as-a-service that enables issuers to deliver the latest payment capabilities, fast and cost effectively, through their existing payments infrastructure. By giving consumers unprecedented flexibility and control over how they pay, Verrency’s cutting edge features ensure that their issuer’s brands are top of wallet and top of mind, driving revenue.
The Australian-based startup plans to conduct its fundraising in two tranches with an initial $US3 million tranche in 2017, followed by a $US12 million in 2018 as it looks to expand into key international markets. Verrency aims to close the round in 2018, and is already in discussions with investors.
The Series A funding enables the company to capitalise on its successful growth and further expand international operations. Headquartered in Australia with offices in both Melbourne and Sydney, Verrency recently opened an office in London, UK at Level 39 Canary Wharf, in preparation for commercial expansion to the UK later this year. In December 2017, the company will open offices in both the US and Asia Pacific, with operations based out of San Francisco and Singapore, respectively. Verrency’s expansion plans in the European Union in 2018 will be announced later this year.
Still in its first year of operation, Verrency Group Chairman and CEO David Link believes that the company’s unique offering has allowed it to make such an impressive footprint and drive interest with global clients.
“Our focus has always been global, because payments are global. By providing innovative – and in many cases, unique – services in a way that also seamlessly integrates into existing technology, we are unlocking the potential not only for significant revenue growth for our financial institution clients, but also to enable them to deliver new services to market at unprecedented speed. Our expansion strategy is central to achieving payments innovation and I am confident that this round of funding will enable us to gain traction in new geographies quickly – the demand is there.”
Verrency provides ‘innovation-as-a-service’ that enables issuers to deliver the latest payment capabilities, fast and cost effectively, through their existing payments infrastructure. By giving their consumers unprecedented flexibility and control over how they pay, Verrency’s cutting edge features drive growth and increased customer satisfaction. Verrency also enables innovation across the payments ecosystem, providing fintechs and other innovative payment services the ability to be easily connected and distributed through issuers at scale.
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