Payment orchestration platform Paydock closes £25m Series A funding round with Silverstripe Investment Management Limited
23rd May 2023
- Payment orchestration sector set to grow to $2.5 trillion by 2027
- Growing demand from financial institutions to adopt faster, more secure and consumer-friendly payment solutions
- Incumbent banks looking to orchestrators to accelerate the introduction of payment options to drive retention and revenue growth
- Paydock has notable success in the growing sector with large financial institutions and merchants adopting its platform to manage payment connections, reconciliation and settlement.
Paydock, the leading pure-play orchestration platform, has announced a £25m Series A funding round from Silverstripe Investment Management Limited (‘Silverstripe’).
Paydock is a payment orchestrator that offers financial institutions and merchants rapid connectivity to fintech and payments systems without disrupting current infrastructure. Paydock’s agnostic platform minimises heavy costs and flattens pervasive risks in traditional multi-vendor payment solutions. It allows customers to ‘plug and play’ vendors while closing common security gaps. Paydock’s bank-grade security posture has made it a standout in the sector through its auditable and traceable API stack.
Recent large-scale shifts in e-commerce have accelerated the entry of innovative payment systems to the market, offering consumers an unprecedented choice while simultaneously introducing problems for merchants. Merchants have struggled to integrate, maintain and optimise these vendors while shouldering escalating administration, security and consumer experience problems.
Paydock is honoured to be the first orchestration platform to be adopted as a front-line strategy for a major financial institution following growing traction amongst its merchant base. Their novel partnership approach enables customers to leap-frog generations of payments technology and prepare for the future. Paydock’s blue-chip client list includes the Commonwealth Bank of Australia, retailing giant Coles, and not-for-profit organisations such as the United Nations High Commissioner for Refugees (UNHCR).
Paydock’s vision is to work with selected institutions while continuing to offer its platform to merchants seeking frictionless access to the fintech market as a whole. As financial institutions become particularly aware of their urgent need to better support digital merchants, Paydock creates an opportunity to resolve these issues at scale.
Paydock is emerging as a default frontline solution for globally connected financial institutions and merchants.
Rob Lincolne, Founder and CEO of Paydock, said: “We are thrilled to welcome Silverstripe to the Paydock story. Having established a deep relationship over the past 12 months, their experience and track record in the finance and tech sector will supercharge our mission to transform the payments sector for the better. We are fully focused now on doubling down on our vision to deliver the world’s best orchestration solution. This funding enables us to accelerate that vision, introduce customers and partners faster and bring forward our ambitious vision of the future in payments.”
Alex Cuppage, Partner at Silverstripe, said: “We are excited to partner with Paydock and support their mission to simplify and streamline payments for businesses around the world. Paydock has developed a powerful platform that offers unparalleled flexibility, security, and reliability. We believe that Paydock is well positioned to capture a significant share of the growing payment orchestration market, and we look forward to working closely with the company’s talented team to help them achieve their goals.”
Silverstripe, London headquartered, has been active in Europe since 2013. Backed by IAG Capital, a major US single family office with a 25+ year track record of investing in highly successful fintech and financial services businesses. Silverstripe has deployed over £500m into the UK in recent years.
For Financial Institutions that would like to know more about how to transform their payments offering, please visit: https://paydock.com/for-banks/
To find out more about Paydock visit www.paydock.com and www.iagsilverstripe.com.
For media enquiries related to Paydock, please contact:
+44 (0)7979 852604
For media enquiries related to this investment and/or Silverstripe, please contact:
+44 (0)7446 870025
+44 (0)7591 760844
NOTES TO EDITORS
Founded in 2015, Paydock (www.paydock.com) is a leading enterprise-grade commerce orchestration platform focused on reducing the substantial cost and effort within a merchant’s payments experience. Paydock is dedicated to revolutionising the payment industry by simplifying payment management and resolving systemic inefficiencies and risks associated with the industry’s growth, such as ever-increasing complexity, lost profit and material risk.
Paydock processes millions of monthly payments through its platform for businesses across all industry sectors, including financial institutions, household brand retailers, travel, insure-tech and not-for-profit. Paydock’s platform has generated substantial ROI gains for customers, dramatically shrinking the total cost of payments ownership, including back-office administration, processing, technical, compliance and opportunity costs.
About Silverstripe Investment Management Limited
Silverstripe, London headquartered, has been active in Europe since 2013. Backed by IAG Capital, a major US single family office with a 25+ year track record of investing in highly successful financial services businesses, Silverstripe has deployed over £500m into the UK in recent years.
Silverstripe seeks to partner with exceptional management teams who have built businesses with a clear competitive advantage and strong underlying unit economics. It provides experience and specialist practitioner-based support in the development, operations and governance of portfolio companies, choosing to lead investment rounds with significant minority/majority stakes. Our investment thesis focuses on building exceptional scalable businesses for the long term that make a difference to their chosen market.