Pay All Payment Systems, Inc. announced it raised $15.7 Million in an initial filing from an offering of $15.7 Million
Pay All Payment Systems, Inc. announced it raised $15.7 Million in an initial filing from an offering of $15.7 Million
07/08/22, 6:44 PM
Location
miami
Money raised
$15.7 million
Industry
fintech
finance
financial services
Company Info
Location
1111 lincoln road
miami, florida, united states
Additional Info
The Miami-based startup has built what Palmer describes as “very specialized” software that gives banks a way to offer their own customers the ability to make cross-border payments. The firm came across the problem in its work around “default global,” in that banks really want to facilitate more cross border money movement – especially as the world is increasingly global. But when it comes to cross border payments and international fund transfers generally, banks have had far fewer choices, and to industry veteran Gary Palmer, that spelled opportunity.He founded Payall, a cross-border processor for regulated banks, in 2018. He was inspired to start Payall after concluding that there “had been essentially no innovation, or marginal innovation, in the cross-border payments space in over 50 years.”“This began to excite me because unlike prepay, which was a new category and a new product, I had a chance to address a category that was $100 to $150 trillion in volume that was highly concentrated among a few banks,” Palmer told TechCrunch.