Case Studies

Cromwell, Connecticut

Payveris

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Thanks to increasing global demand for financial services, the widespread availability of the internet, and faster, cheaper computing power, fintech has been growing at an exponential rate. Payveris has capitalized on this growing market by creating a frictionless, real-time hub for consumers offered through participating financial institutions. Through the Payveris hub, users can easily consolidate their financial obligations, pay their bills, move money in real time and better understand their financial potential.

To date, more than 300 financial institutions have modernized their payments infrastructure with Payveris. Through a partnership with Paymentus, a leading provider of cloud-based bill payment technology that offers a proprietary Instant Payment Network, Payveris also offers integrated connections to hundreds of financial institutions, more than 15,000 billers, and millions of consumers.

the support and resources

Milestones
Founded 2011
Acquired 2021

Founder
Louis Hernandez Jr.

CI Highlights
First investment: 2013
First investment amount: $700,000
Total invested: $4.3 million
Leverage: $36.1 million
Team lead: Peter Longo

Jobs Created
18

“CI has long been interested in fintech, which is a particular strength of our state, and we were eager to invest in Payveris and its exceptional leadership team,” said Peter Longo, CI’s senior managing director of investments. “The company was founded by Louis Hernandez, a repeat entrepreneur with an impressive track record of success—Louis led Open Solutions, a CI portfolio company that was acquired by Fiserv, a global fintech and payments company—and we knew he had another potentially huge success on his hands. Through hard work, savvy partnerships and exceptional leadership, the company exceeded our expectations.”
Peter Longo, Senior Managing Director of Investments
the outcome

For his part, Hernandez says the partnership with the State of Connecticut and with Connecticut Innovations has been a fruitful one. “I opted to start Payveris in Connecticut because I had so much success here with Open Solutions,” he said. “CI was a helpful partner to the management team, the founders and other investors. As a postscript, I’m now looking at founding three other companies in the state. Success breeds success, and I stick with partners that live up to their promises!”

Paymentus Holdings, Inc., acquired Payveris for $152 million on August 10, 2021. Paymentus said in a statement that the acquisition will help the company expand the reach of its proprietary Instant Payment Network.