On March 28, Kansas City-based PayIt announced that they had reached terms to infuse $100 million of new capital into their company.
This round was led by Ryan Hinkle of Insight Partners’ New York City office.
PayIt uses a proprietary, patent-pending payment platform to simplify paying government entities. The goal of the platform is to make working with government easier and less time-consuming. Thus, the company has built a mission on “transforming the customer experience and making government more modern, convenient, and mobile.” The company does this by working with a variety of vendors to affix its payment platform to their web services using open-ended APIs. The company boasts PCI Level 1 compliance – making it secure and trustworthy – for those 3rd party vendors.
PayIt was created by three co-founders – John Thomson who is the CEO, Michael Plunkett who is the COO, and Richard Garbi who is the founding architect and continues on in a technical capacity. The team founded the company in 2013.
In the press release announcing the funding round, Thomson stated: “We’re thrilled to partner with Insight Partners to further accelerate the value we’re able to deliver to constituents and governments that serve them. PayIt’s unique digital payments platform simplifies government by making it more modern, convenient, secure, and transparent.”
Hinkle furthered Thomson’s views by stating: “As consumers, we increasingly expect world-class mobile experiences in everything we do, from booking hotel rooms to getting rides to ordering groceries. PayIt brings this type of world-class experience to their government partners, saving time for consumers and creating more efficiency for the agencies served. We’re excited to welcome the PayIt team to the Insight family.”
Along with Insight, PayIt is owned by a variety of investors, including the Missouri Technology Corporation, Advantage Capital, Five Elms, and the KC Rise Fund.
For more information, SPN recommends reading the various profiles done by Startland News in Kansas City – including the excellent piece associated with how $100+ million funding rounds help entrepreneurial ecosystems, https://www.startlandnews.com/2019/03/payit-john-thomson/. For more information on the company – check out their website at www.payitgov.com.