PayVeris
Cromwell, Connecticut

the innovation

Digital payments are fast, convenient, cost effective and easy to track, which is why they’re disrupting the financial services market. The problem? Most legacy banking systems, which were built over the past three decades, don’t easily enable financial services companies to offer real-time payments. Payveris has solved this challenge. The company’s intelligent, API-centric, cloud-based digital payments and money movement platform empowers financial institutions to simplify, control and extend their range of consumer and business digital money movement capabilities to any application or device. This makes it easy for them to innovate, deliver low-friction experiences to users and compete with a growing number of non-bank fintechs.

the support and resources
  • $3.2 million in equity investments, which enabled the company to leverage an additional $19.3 million
  • Help sourcing a key staff member (CTO)
  • Introductions to customers
  • CI’s Peter Longo joined Payveris’s board
the outcome

Today, Payveris, which makes its headquarters in Cromwell, has 42 full-time employees. The company’s most recent innovation is a real-time peer-to-peer payments platform with engaging personalized experiences provided by Vouchr, a company whose technology weaves a “personalized, and gamified experience into every money transfer, remittance, disbursement, incentive and reward.” Payveris also recently inked a combined $10M commercial and investment deal with Vystar Credit Union ($9B in assets), capping the company’s best quarter ever—it sold more in the first quarter of 2020 than in all of 2019.

"Connecticut Innovations has been a key supporter of Payveris since 2013, when they joined our B round. They’ve participated in each funding round since, including helping us secure additional venture and strategic investors. Beyond funding, CI helped us land a marquis Connecticut-based client that established our credibility in the larger bank market and introduced us to fellow portfolio company Vouchr, with whom we partnered to offer a very innovative and well-received peer-to-peer payment service."
Ron Bergamesca
CEO, Payveris