New York based online bank and transaction processing platform PayQix has raised $11m in Series A from undisclosed investors. Proceeds from the financing round are dedicated to filing for, finalizing, setting up, and then opening its’ bank in Luxembourg, which will serve as the centerpiece of its’ SMB focused technology platform.
PayQix started with the understanding that small business owners do not have large budgets of time or money. Each decision is a critical judgment about resource allocation that must be carefully considered. Current tools that work cross-functionally are nice, but in today’s ultra-fast paced 24/7/365 business environment they’re insufficient to the needs of modern SMBs. Solving for these problems, PayQix used its initial $1.5 million dollar Seed round to build and test a super secure and scalable architecture that solves for the core business problems SMBs face. PayQix’s solution is market and sector agnostic, omnichannel, and addresses 95% of all 320 million SMBs worldwide. The U.S. marketplace alone represents $35 trillion dollars, which yearly creates 35 million new growth companies.