Payall, a bank processor for international money transfers, has bagged $10million in a seed round led by venture capital firm Andreessen Horowitz (a16z) on its mission to put regulated financial institutions at the heart of cross-border payments.
The Florida-based company, founded in 2018, describes itself as the world’s first bank processor for cross-border payments that combines the disciplines of payment processing, banktech and regtech.
Payall’s global single shared platform fuels compliance automation, risk mitigation, first-ever payer detail transparency and specialised, inclusive payment orchestration for cross-border payments offered through banks and other regulated financial entities.
Alongside Andreessen Horowitz, additional investors in the round include Motivate VC, PS27 Ventures and Bridgeport Partners, with SAFE conversions from RRE Ventures and Transcard. Other participants include Chuck Bernicker, Nish Bhalla, Matt Gillin, Stefan Happ, Kabir Syed and Chris Winship.
Gary Palmer, Payall founder and CEO, says: “a16z is rightly famous for the landmark assertion that ‘every company will be a fintech company. We agree 100 per cent with this thesis and believe regulated financial services businesses worldwide should be enabled with fintech capabilities to participate fully in cross-border payments and international money transfers – safely, securely and compliantly.”
Andreessen Horowitz says it is committed to supporting the next generation of default global companies and see a massive opportunity for Payall to become the compliance backbone for all cross-border payments.
Anish Acharya, general partner at Andreessen Horowitz, comments: “Until now, international banking transactions have been disjointed, cumbersome and largely perceived as high-risk. We are excited about Payall’s vision to restore trust and transparency to foreign banking processes and strongly believe in Gary’s ability to execute.”
Payall’s proprietary software and business processes collect new, data-rich artifacts that overcome the high risk of cross-border payments. Funds processed through the Payall platform move globally at the speed of data. Recipients, including unbanked persons, receive their money in minutes via the payment channel of their choice, such as mobile money, prepaid card or bank account.
“We automate the error-prone manual tasks associated with cross-border payments and international money transfers,” Palmer adds. “Our approach eliminates the extensive costs and time financial institutions previously incurred and mitigates substantial risk in one of the most challenging areas of global banking.”
Payall also automates compliance and processes to protect financial institutions and their customers and enables first-ever transparency to foreign payer KYC, sanctions checks, commercial activity documentation and novel artifacts to prevent illicit activity.