Digital government and payments startup PayIt closes $90m growth investment fund

Digital government and payments startup PayIt closes $90m growth investment fund

Published: 05-08-2022 12:54:00 | By: Pie Kamau | hits: 1421 | Tags:

PayIt, the company modernizing interactions between governments and residents, has closed a $90 million investment from Macquarie Capital Principal Finance. The new financing will support PayIt's continued growth and product innovation. Macquarie Senior Managing Directors Larry Handen and Jared Doskow will join PayIt's Board of Directors, alongside global software investor Insight Partners and Weatherford Capital.

John Thomson, Founder and CEO, PayIt: "We are delighted to welcome Macquarie to the PayIt team. We have exciting plans to further empower governments to deliver consumer-grade digital interactions everywhere, and Macquarie Capital's investment and know-how will serve as a force multiplier in our achievement of that vision."

PayIt makes it simple, secure, and seamless for governments to accept digital payments and serve their constituents across web, desktop, and mobile. Its cloud-based solutions are easy to deploy and purpose-built for the public sector, with modules spanning Motor Vehicle, Taxes, Courts, Utilities, and more. PayIt's customers include digital leaders like the City of TorontoFlorida's Palm Beach County, and North Carolina.

Larry Handen, Senior Managing Director at Macquarie Capital: "PayIt is at the forefront of Citizen-Centric Governance. Their technology delivers much needed services more cheaply, quickly and with greater public satisfaction than ever before. The PayIt team and their customers are impressive and committed. We look forward to supporting their mission."

Jared Doskow, Denior Managing Director, Macquarie Capital: "We expect the ability to use mobile devices and technology for all sorts of services as consumers, and PayIt is bringing this modern approach to their government customers. We're excited to partner with the PayIt team and support the next chapter of growth together." 

This investment comes during a momentous time in PayIt's continued scaling. It recently released its highly configurable next-generation platform architecture, as well as ProSight™, a robust backend dashboard for management and insights. The company has also expanded its executive team, appointing Jean Nobile as senior vice president of operations, and Kelly Davis-Felner as chief marketing officer, and was named to the GovTech100 for the sixth year in a row earlier this year.