GLASTONBURY: Payrailz, a digital payments company offering advanced bill payment and money transfer solutions to banks and credit unions, announces that First Data, Live Oak Ventures, Woodforest National Bank, Webster Bank and TTV Capital has raised $6.1 million from a group of strategic and ventur capital investors.
Payrailz is a cloud based digital payments company offering what it says is “advanced bill payment and money transfer solutions to banks and credit unions.”
According to th company, “t‘This group of investors are believers in Payrailz’s product innovation vision and corporate commitment behind producing smarter “do it for me” solutions that leverage the latest advancements in payments technology. These organizations are technology savvy industry veterans who will be key advisors to Payrailz’s efforts.”
First Data is one of the largest credit card processing companies. Live Oak Ventures CEO is also CEO a national small business bank Live Oak Bank, Woodforest National Bank is based in Woodlands, Texas is a $3.7 billion dollar community bank with more than and like Connecticut’s Webster Bank has traditional branches [750 branches].
The investors are participating widely on the company’s board, James S. Mahan III, CEO and Chairman of Live Oak Bank. Previously, he served as the CEO and chairman of the board of S1 Corporation and as the founder of Security First Network Bank: the “world’s first Internet bank.”
Neil Underwood, president of Live Oak Bancshares and Live Oak Ventures. He is a cofounder of nCino the “worldwide leader in cloud banking.”
Mark A. Johnson, general partner of TTV Capital. He is a payments visionary and the former vice chairman of CheckFree.
James D. “Jay” Dreibelbis, president and COO of Woodforest National Bank.
Raymond Merk, vice president of First Data. He also served as the vice president of business development at Sage Payment Solutions.
Fran Duggan Payrailz CEO joined as President in November 2017. He was previously CEO of Innoveera, a payments consultant firm, and prior to that the founder of Payveris, a bill payment start-up, based in Rocky Hill. He also served as a senior executive for 10 years at Webster Bank where he originated and oversaw the development of online banking and payment applications.