PayOnward
AI-driven digital payments platform for financial institutions.
| Date | Investors | Amount | Round |
|---|---|---|---|
* | N/A | Growth Equity VC | |
| Total Funding | 000k | ||
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PayOnward provides a cloud-native, universal payments platform tailored for community-based financial institutions (CBFIs) and credit unions. Launched in November 2022 by private equity firm Black Dragon Capital, the company aims to empower these smaller institutions to compete with larger banks in the digital payments landscape. The founders include Louis Hernandez Jr., who also founded Payveris and was the former Chairman and CEO of Open Solutions, and Hernando Torres. The current CEO is Cary Strange, a veteran in the fintech and financial services sectors.
The company's core offering is an AI-driven, white-label digital payments hub designed to be secure, affordable, and easy to deploy. This platform allows CBFIs and credit unions to offer a comprehensive suite of modern payment solutions for both business and consumer clients through a single integrated system. The services include accounts receivable, bill pay, peer-to-peer transfers, account-to-account payments, cross-border payments, and earned wage access. By providing these tools, PayOnward enables community institutions to modernize their services, reduce manual processing, lower transaction costs, and generate new revenue streams.
PayOnward was created to address the challenge that many smaller financial institutions face in competing with the significant digital infrastructure investments of larger banks. The platform operates on a shared model, which provides significant savings to clients who would otherwise be charged by established digital payment networks for each transaction. The company's business model targets CBFIs, merchants, and consumers in a phased approach. Backed by Black Dragon Capital, PayOnward received a seed round of $500K in April 2022.
Keywords: digital payments, community financial institutions, credit unions, AI-driven payments, fintech, universal payments hub, white-label payment solutions, payment processing, accounts receivable, bill pay, peer-to-peer transfers, cross-border payments, earned wage access, CBFIs, community banking