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PaySimple secures USD115m investment from Providence Equity

PaySimple, a service commerce platform for businesses, has secured a growth investment of USD115 million from Providence Strategic Growth (PSG).

The investment is expected to accelerate PaySimple’s strategy to market services online, automate payment acceptance, and deliver one end-to-end solution to its customers.
 
PaySimple’s cloud-based platform allows service-based business owners to run their companies the way they think about them – centred on their customers. PaySimple combines the ways service businesses need to generate business online (with online appointment scheduling, payment and registration forms, and an online store) with all the ways they need to collect payment (in person, online, over the phone, via invoice, and by recurring billing), and strengthens these capabilities with a customer management solution.
 
PaySimple supports over 17,000 companies across the country, ranging in industries from fitness and wellness, to non-profit and education, to home and professional services. The PaySimple API also powers SaaS companies' payment acceptance, card on file, customer management, and billing automation capabilities.
 
“PSG brings more than just capital to PaySimple and we are looking forward to leveraging their considerable resources to help accelerate our growth," says Eric Remer, CEO of PaySimple. “PSG has the industry experience and operational expertise to help us more quickly realise our goal to make the lives of business owners easier. PaySimple is the first true service commerce solution on the market and we are excited for the opportunities that our PSG partnership will bring.”
 
“Legacy paper-based cash and check processes, and even terminal point-of-sale solutions, don’t fit the needs of relationship-oriented verticals, and limit their growth," says Mark Hastings, managing director and head of Providence Strategic Growth, who will join the PaySimple board of directors. "That gap affects a great number of SMBs across the country and PaySimple is uniquely positioned to meet the needs of this market with the platform they’ve built. We're very excited to work with Eric and the team at PaySimple to provide business-changing technology and vertically-focused offerings in this underserved and rapidly growing space.”

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