UNIPaaS, a Tel Aviv-based payments solution provider, has secured seed funding of US$10 million from a clutch of investors led by Israeli venture capital firm TPY Capital.
New York-based early-stage investment firm FJ Labs also took part in the funding round, UNIPaaS said in a statement.
A number of angel investors invested in the startup, too. These included Sarah Friar, CEO of NextDoor and formerly CFO of Square; Eric Sager, COO of Plaid; Sam Hodges, CEO of Vouch Insurance; and angel investor Gokul Rajaram.
Serial entrepreneurs Talmon Marco (H2Pro, Juno, Viber); Boaz Palgi and Erez Webman (Paramount Data, ScaleIO); and Ofer Smadari (StackPulse, Luminate) also contributed, UNIPaaS said.
UNIPaaS provides payments solutions to digital marketplaces and business-to-business software-as-a-service companies. It said that it will use the funds to build out its solution for multi-vendor businesses to offer their own payment experience to manage and control funds.
The startup was set up last year by David Avgi, Oded Kovach, Limor Liberman and Tsach Einav. Avgi was earlier CEO at SafeCharge, which was acquired by Canada-based Nuevi for $890 million in August 2019.
Avgi, who is also the CEO of UNIPaaS, said digital marketplaces and B2B platforms don’t want the burden of developing technology stacks and operations or deal with payment regulations. This is where UNIPaaS comes in.
“We have designed an embedded payment stack, built from the ground up to facilitate complex multi-vendor models,” Avgi said. “We are transforming how businesses integrate and handle payments.”