July 14, 2024

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Chesterfield-based Paymerang financial technological innovation organization receives a $10 million money expense with designs to grow | Small business News

1 min read

Paymerang, a Chesterfield County-centered enterprise that presents automated accounts-payable expert services to organization consumers, has received a further money expenditure that will enable it increase its internet marketing, revenue and workforce.

The $10 million investment comes from Aldrich Funds Companions, a Bethesda, Md.-based private equity firm. Aldrich formerly invested $26 million in Paymerang in 2018, assisting the organization incorporate personnel and business office room.

Paymerang, which has an office just off Midlothian Turnpike in Chesterfield, provides a know-how system that will allow its clients — which contain wellness care vendors, educational institutions, brands and other organizations — to shell out all their suppliers electronically.

The company stated it will use the new money infusion from Aldrich to extend marketing and revenue efforts and build new automated money management answers for its mid-current market customers.

“It aids us to speed up our expansion level and expand our achieve throughout the region,” reported Nasser Chanda, CEO of Paymerang. “It aids us to carry new expertise into the organization, and it aids us scale our choices to a substantially broader set of prospects.”

The enterprise is expecting to add about 50 employment this calendar year to its existing workers of about 100.

“On the technology side, we are likely to be growing our item improvement crew,” Chanda reported. “On the revenue facet, we are continuing to increase. We have a powerful staff of within sales that we are striving to increase. Our operations staff also has advancement.”

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