Payzer, an emerging Charlotte startup focused on software-as-a-service for mobile and cloud-based financial tools, has secured a $1.5 million credit facility from Square 1 Bank.
Pazyer touts itself as the “all-in-one financial tool.”
“The Payzer mobile application provides an easy and portable way for Business Users to make and accept payments, send and track invoices, and provides a Payzer Debit Account with real-time account activity,” Pazyer says. “Personal Users can also make instant payments to businesses.”
According to Pazyer, its customers through the Payzer app are able to “accept credit cards, debit cards, and electronic checks in the field or at the home office with real-time tracking across their organization, provide instant financing up to $55,000 using a mobile phone, tablet, or PC and control purchases by giving employees Visa Debit Purchasing Cards rather than a company credit card.”
The financing agreement was announced Tuesday. Grotech Ventures is among its outside investors.
Payzer plans to use the fund for new product development.
“Payzer has experienced a tremendous amount of growth in the past two years,” said Joe Giordano, co-founder and chief executive officer of Payzer, in a statement. “This partnership with Square 1 will enable our company to innovate and expand our team while continuing to provide first-class service to our customers.”
Giordano, an experienced financial executive, is credited as being the chief architect behind development of the Speedpass payment system.
“Payzer has a strong group of founders and investors who have experienced significant momentum in the fintech and payment industries,” said Patrick Cahill, vice president of Durham-based Square 1’s technology banking practice.
“We are excited to partner with their team as they transform the way contractors and subcontractors conduct business and streamline the payment process in a historically paper-heavy industry.”
Payzer has 31 employees.