Paymerang, a Chesterfield County-based company that provides automated accounts-payable services to business customers, has received another capital investment that will help it expand its marketing, sales and workforce.
The $10 million investment comes from Aldrich Capital Partners, a Bethesda, Md.-based private equity firm. Aldrich previously invested $26 million in Paymerang in 2018, helping the company add employees and office space.
Paymerang, which has an office just off Midlothian Turnpike in Chesterfield, provides a technology platform that allows its clients — which include health care providers, educational institutions, manufacturers and other businesses — to pay all their vendors electronically.
The company said it will use the new capital infusion from Aldrich to expand marketing and sales efforts and build new automated financial management solutions for its mid-market customers.
“It helps us to accelerate our growth rate and expand our reach across the country,” said Nasser Chanda, CEO of Paymerang. “It helps us to bring new talent into the organization, and it helps us scale our offerings to a much broader set of customers.”
The company is expecting to add about 100 jobs this year to its current staff of about 150.
“On the technology side, we are going to be expanding our product development team,” Chanda said. “On the sales side, we are continuing to grow. We have a strong team of inside sales that we are trying to expand. Our operations team also has growth.”
The company’s initiatives include adding additional accounts payable and accounts receivable components to its core payment automation solution — a product that has driven the company’s growth.
“We’re really playing in the big leagues now against big fintech’s [financial technology companies] and big banks,” Chanda said.
Paymerang will expand its invoice automation solution, which saves time in approving and posting invoices, as well as in reducing errors through automated invoice capture and posting.
“Since our initial investment, we’ve been thrilled with Paymerang’s success,” said Mirza Baig, co-founder and managing partner of Aldrich, in a statement. “I believe this round of funding will accelerate growth and solidify Paymerang’s position as a premier provider of finance automation solutions.”