August 4, 2022, KANSAS CITY, Missouri- A USD 90 million investment from Macquarie Capital Principal Finance has been made in PayIt, a startup that digitizes relationships between residents and the government.
The new funding will help PayIt continue to expand and develop new products. Along with international software investor Insight Partners and Weatherford Capital, Macquarie Senior Managing Directors Larry Handen and Jared Doskow will join the PayIt Board of Directors.
Governments can easily take digital payments and provide services to their residents on the web, desktop, and mobile platforms, thanks to PayIt. Its cloud-based solutions include modules for motor vehicles, taxes, courts, utilities, and other areas, that are simple to deploy and tailored for the public sector. Digital industry pioneers, including the City of Toronto, North Carolina, and Florida’s Palm Beach County, are among PayIt’s clients.
PayIt founder and CEO John Thomson remarked:
“We are thrilled to welcome Macquarie to the PayIt team. We have ambitious plans to enable governments to provide consumer-grade digital interactions everywhere. Macquarie Capital’s funding and expertise will function as a force multiplier in helping us realize that goal.
Macquarie Capital senior managing director Larry Handen:
“In terms of citizen-centric governance, PayIt is at the forefront. Their technology provides desperately needed services more swiftly, cheaply, and to the delight of the general people. Impressive and devoted are the PayIt staff and users. We are eager to assist them in their endeavor.”
Senior managing director at Macquarie Capital Jared Doskow:
“As consumers, we expect to be able to use technology and mobile devices for a variety of services, and PayIt is bringing this contemporary approach to their government clients. We’re thrilled to collaborate with the PayIt team and support the company’s upcoming growth phase.”
More about the startup:
The top SaaS supplier of electronic payments and government services is PayIt. The cloud-native and simple-to-implement platform from PayIt makes it easier for citizens to transact with government agencies of any size by combining many services and payments into a single linked experience. Citizens may swiftly and conveniently handle all of their necessary government transactions thanks to PayIt. This ground-breaking method of delivering government services has acclaim in both the public and private sectors.
The timing of this investment is crucial for PayIt’s further scaling. It recently unveiled ProSightTM, a capable backend dashboard for management and insights, and its highly adaptable next-generation platform architecture. The business also added Jean Nobile as senior vice president of operations and Kelly Davis-Felner as chief marketing officer to its executive team. Earlier this year, the company was nominated to the GovTech100 for the sixth consecutive year.
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