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Online Payments

PromisePay raises USD 2 mln to provide payments processing to ecommerce platforms

Thursday 25 June 2015 | 10:59 AM CET

PromisePay payments processor has raised an additional USD 2 million from strategic investors like Mark Harbottle and Cultivation Capital in order to offer payments processing services to potential e-tailer clients.

PromisePay’s solution allows marketplaces to renounce an in-house payment solution, essentially outsourcing the entire process. Marketplaces can integrate features like dispute resolution, escrow and advanced fraud detection.

These are all features that would traditionally require a large IT investment, as well as a dedicated customer service team to handle payment disputes. While the company hasn’t announced all of its current clients, two online marketplaces currently utilising the PromisePay platform are Flippa and Jobstream.

Originally founded in Australia, PromisePay migrated to US to participate in SixThirty, a FinTech accelerator. While the company moved back to Australia after the program ended, some of this new funding will be used to open an office location in St. Louis, US and expand the teams at its existing offices in Melbourne and San Francisco. Reinventure, a VC fund backed by Westpac (one of the largest banks in Australia with over USD 770 billion in assets) is also participating in the round.

More: Link
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