Launch NY is making another investment in a cloud-based payments platform developed in Buffalo that’s been growing its market share while expanding its business for current customers.
Verivend is getting $50,000 from Launch NY’s nonprofit Seed Fund, as part of a larger seed extension round helping to fuel the company’s growth. Previous investments in Verivend from Launch NY’s nonprofit Seed Fund and for-profit Seed Fund I totaled $100,000.
Billed as “the Venmo of private capital,” the fintech startup set fourth quarter records for new customers and transaction volume.
Verivend is also now featured on Launch NY’s Investor Network, which consists of more than 300 accredited investors backing startups in upstate New York. Verivend has already secured one commitment through the Investor Network and is in talks with several other investors.
Co-founded in 2019 by CEO Rodney Reisdorf, CTO Jonathan Ebel and G. Aaron Santarosa, Verivend has grown to 10 employees and has processed nearly $1 billion in transaction volume through 2023. Most notably, Ebel was chief architect at ACV Auctions, a Buffalo-based software unicorn that went public in 2021.
“We brought a solution to the private capital market that solves a very specific pain point and is enabling us to build deep customer engagements,” said Reisdorf, an early technology leader at Liazon Corp., which was sold to the company that became Willis Towers Watson in 2013. “That meaningful traction has been the key to our company’s growth as deal activity picks up. It’s a validation point as we rapidly onboard new customers, and active proof of our ability to expand with existing clients.”
The company has developed a payments platform built to move private capital during investment transactions that provides a secure environment. Verivend has more than 90 customers across the country, boasts a 100% renewal rate and its customers are using the platform with more than…
Read the full article here
Leave a Reply