Paymetric secures $8 Million Series B financing
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Bangalore: Atlanta based Paymetric, a provider of integrated and secure enterprise payment acceptance solutions, has secured $8 million in second round of financing. This round of funding was led by Palomar Ventures with a $5 million infusion, which was also joined by existing investor Austin Ventures' contribution with $3 million. Paymetric is using the working capital to manage through the company's shift in cash flow due to launching a new Software as a Service (SaaS) model to all their customers, allowing the company to invest in research and development of future products and services. "Even during these trying economic times, Paymetric secured additional funding from Austin Ventures and secured a new financial backer in Palomar Ventures," said Larry Wine, CEO at Paymetric. Formed in 1998, Paymetric enable companies with software for managing, protecting and integrating payment card transactions in enterprise applications, most notably SAP. According to the company, it streamlines the order-to-cash process, reduce the scope and financial burden of achieving PCI compliance and improve return on electronic payment acceptance. The vision for a solution that operates as an integrated and native component of ERP systems led to the development of XiPay, an intelligent transaction processing engine that is the core component of Paymetric's modular payment processing solutions. Currently, there are about 50 employees in the company. "We feel our ability to add investors in this very difficult financing environment bears strong testimony to the strength of our company and business strategy," said Wine. Also, on the expansion of the executive team with the addition of Asif Ramji as Executive Vice President and General Manager of Integrated Payment, Wine said that Ramji's wealth of leadership and management experience will strengthen Paymetric's customer portfolio and continue to increase our market position. Ramji is responsible for driving revenue for Paymetric through the direct sales organization with a collaborative focus on executing the company's go-to-market payment processing strategy. Ramji also oversees Paymetric's marketing organization and has responsibility for all marketing programs, strategies and demand generation activities. "Paymetric is positioned to lead the electronic payments industry in innovation and service," said Jim Gauer, Managing Director, Palomar Ventures.

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