Payments intelligence platform Pagos announced an oversubscribed $34 million Series A fundraise on Monday (Feb. 27) as investors bet on the value of providing deeper data insights into payments. Pagos was founded in 2021 by former leaders at Braintree, Venmo, PayPal, Stripe, eBanx, Klarna and Apple.
According to a press release, global FinTech-focused venture firm Arbor Ventures led the latest funding round for the platform, with additional participation by Point 72 Ventures, Infinity Ventures and Underscore VC, which led the company’s $10 million seed round in 2021.
Per the press release, the newly raised $34 million will go toward expanding Pagos’ engineering team and “advancing the platform’s enterprise product suite.
“Payment processing is fundamental to customer relationships, revenue, and a business’s bottom line, but most companies don’t have the data, knowledge, or tools to develop and execute on a best-in-class payments performance strategy. Even the small number of companies that do have those resources are leaving money on the table,” Klas Bäck, co-founder and CEO of Pagos, said in the announcement.
“Our platform helps companies understand and act on the data that already exists within their payments environment, allowing them to better support changing consumer behavior and demands, reduce their operating costs, increase their revenue, and mitigate unnecessary customer friction” without major changes to existing payments infrastructure, Bäck said.
With a client list that includes Adobe, Eventbrite, GoFundMe, and Warner Bros Discovery, among others, the release said global digital payments revenue is expected to reach $14.79 trillion by 2027. It notes that “as payment technology becomes increasingly essential, the associated costs and complexities have also surged, leading many businesses to miss out on significant revenue opportunities while also racking up high payment acceptance costs — a particularly worrisome reality given ongoing economic volatility.”
Per the press release, “Pagos has introduced a suite of composable payments intelligence and action tools which can be used on top of businesses’ existing payments processing infrastructure. For example, their most colorful bird, Peacock, provides a user-friendly dashboard enabling businesses to see, analyze, and act on payments data across vendors, channels, and markets — a common challenge for large multinational brands — and it’s all available via simple low code / no-code integrations with payment processors like Adyen, Braintree, Chase, PayPal, Stripe, WorldPay and more.”
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