The investment was co-led by Unusual Ventures, Motive Partners, and Bain Capital Ventures to fuel international expansion and product development.
"High-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the market — at one end you have inefficient local solutions; at the other, you have the tier-one global providers, inaccessible to all but the world’s biggest businesses. Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve."
The funding round involves participation from existing shareholders and new investors to provide employee liquidity.
"Over the last 12 years, current and former employees of Stripes have helped build foundational economic infrastructure for millions of businesses around the world, and this transaction gives them the opportunity to access the value they've helped create. But the internet economy is still young, and the opportunities of the next 12 years will dwarf those of the recent past. There's so much to discover and to create. For us, it's now back to work."
The funding round includes backing from Citi, Waterfall Asset Management, K3 Ventures, GSR Ventures, and Hambro Perks.
"Our approach to lending remains unique in the finance industry and this latest investment, which comes from a mixture of tech multinationals to global banks, is a testament to the demand and success of our service, particularly in this current challenging economic landscape. Abound has gone from strength to strength since we first launched and we’re excited for the next stage of growth as we look to capitalise on the strong foundations we’ve embedded with customers, and to revolutionise lending forever."
