Amaryllis Payment Solutions on Monday (May 23) wrapped up a Series B fundraising round worth $10 million that it will use to accelerate product development and bulk up its marketing and sales, according to a company press release.
Fintop Capital and partner Jam Fintop, an investment fund designed to develop and accelerate technology adoption at community banks across the U.S., led Amaryllis’ funding round.
Amaryllis provides a payment facilitation platform for financial institutions, software and Software-as-a-Service (SaaS) companies to help them better monetize the payments through their service and boost their revenues and business valuations.
The company gives users all their payment facilitation tools in one platform, the press release says.
Amaryllis can underwrite and onboard merchants and process payments and assist with merchant underwriting, payment acceptance, split fees, white-labeled partner portal, flexible payouts and risk management.
“Software-led payments is one of the most attractive verticals in the market,” said Ori Hay, co-founder and CEO of Amaryllis. “When we started Amaryllis, we embarked on a journey to create the best payment platform so financial institutions can easily enhance and modernize their legacy infrastructure to adjust to the ever-changing payments landscape and requirements.
“Today marks a major milestone in our journey to reach that goal,” he said.
Related: InsurePay Secures Additional Series B Funding, Acquires AcordPay
In April, Fintop Capital was among the investors in Nashville-based InsurePay, an InsurTech property and casualty billing and payments platform, in a Series B funding round.
The capital also funded the acquisition of AcordPay, an insurance payments technology provider that automates digital payments and settles receivables, payables and commissions for agents, carriers and InsurTech providers. Funding for the deal also came from Aquiline Technology Growth and others. The terms of the agreement were not disclosed.
The acquisition puts the AcordPay and InsurePay teams together under the InsurePay brand with one mission: to deliver accurate, timely and data-driven insurance payments to the North American insurance sector.
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