Since 2015, Payrix has enabled vertically focused software-as-a-service (SaaS) companies with embedded payment technologies. Payrix's proprietary payment features work natively within business software platforms to help secure additional recurring revenue and create a better customer experience.
A privately held company, Payrix was built by payments and technology experts who envisioned a business that would seamlessly grow along with the proliferation of technology platforms in the business marketplace. "We are committed to delivering both experience and solutions that make something as critical as payments easier for our clients," said Benny Silberstein, Payrix co-founder and chief strategy officer.
Today, the company is headquartered in Frisco, Texas, with additional domestic locations in Hollywood, Fla.; Brooklyn, New York; and Atlanta. Payrix recently added its fifth location in Brisbane, Queensland, Australia, following its acquisition of IntegraPay. Payrix is backed by Blue Star Innovation Partners and Providence Strategic Growth. They launched a Series A investment round in 2019, resulting in the doubling of staff size. In 2020, they extended the funding round and increased Payrix's headcount again with the Australia acquisition and expansion. Payrix also enhanced its leadership team in 2020, adding Eric Frazier as chief executive officer, Corey Wood as chief operating officer and Randy McGraw as chief product officer.
Payrix characterizes its technology as a cloud built, application programming interface (API)-driven platform that is highly flexible, customizable and scalable. "From the beginning, our mission has been to provide a flexible solution that meets our clients where they are in their journey," Silberstein said. "From here, we offer the tools and expertise to monetize payments and create an awesome customer experience within their software."
Silberstein said Payrix tools were designed to create a seamless, embedded user experience and offer clients the choice of utilizing a payment facilitation-as-a-service (PFaaS) or full payment infrastructure-as-a-service (IaaS) product set, depending on operational requirements. "Payrix has quickly become the go-to solution for PFaaS to full-scale payment facilitation, and SaaS clients use our platform to monetize payments, enabling them to rapidly expand," noted Robert Butler, chief commercialization officer at Payrix. Software clients can work with Payrix at any stage in their business evolution, utilizing offerings ranging from the Payrix Pro to Payrix Premium offerings, which include out-of-box provisions, with in-market infrastructure, merchant portals and portfolio management tailored for vertically focused SaaS platforms.
"While we understand that payments are inherently complex and come with risks, our ultimate goal is to make it seamless and easier in a tech-enabled, automated fashion," said Billi Jo Wright, chief risk and compliance officer at Payrix. Wright noted that Payrix's dedication to its client's inherent business needs has also influenced the firm's journey to success.
"Payrix first started as a full liability independent sales organization, taking on merchant risk and liability from day one, and this instilled a culture where we think about risk first," Wright said. "This laid the groundwork to build the Payrix platform in a forward-thinking environment for risk management and fraud mitigation."
Additionally, by helping SaaS clients expand their revenues, Payrix is passing success along to its client base. According to the firm's 2019-2020 data, it has seen "clients modeling five-year top line revenue growth from payments alone, and client growth on the platform has exceeded 6.5 times, year-over-year, in volume, merchants and transactions." This is leading Payrix forward into new SaaS markets, such as Europe and the United Kingdom, where its client portfolio is also expanding. "We see a long runway for continued growth," Butler said.
CEO Frazier also chimed in on the firm's expansion. "Payrix is proud to continue building lasting partnerships with the most interesting and vertically focused global SaaS companies to reimagine the embedded payments ecosystem," he said. "As they continue to expand their geographic footprint, we are seeing increased demand for Payrix services and infrastructure, both domestically and abroad."
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Chief Commercialization Officer