Paytech start-up Link lands $20m Series A funding
US paytech start-up Link has raised $20 million in a Series A funding round led by Valar Ventures.
Link secures $20m Series A funding
Co-founders Eric Shoykhet and Edward Lando say the new cash injection is in addition to a previously unannounced $10 million seed funding round completed last year, led by Tiger Global and featuring participation from Amplo, Pareto Holdings, Quiet Capital, and a number of angel investors.
The money will be used to fuel the company’s growth following the launch of its flagship LinkPay product, an open banking-powered payment solution.
The founders say the company’s offering is now live and “already has several billion in payment volume committed” from enterprise merchants including Misfits Market, Thrivos, Play by Point, and Passport Inc.
LinkPay utilises the ACH network and machine learning technology to enable consumers to make digital payments using their bank accounts, in turn allowing businesses to make savings on card processing fees.
The company has doubled the size of its team from 20 to 40 people in the last year, with Shoykhet and Lando saying its staff have previously “suffered through the pain points that we’re currently focused on solving”, giving the firm a “deep sense of commitment” in its push to “bring about a more cost-efficient payments ecosystem”.
