Payment orchestration platform Paydock has raised £25 million in a Series A funding round with Silverstripe Investment Management.
UK-based Paydock provides financial institutions and merchants with connectivity to fintech and payments systems, allowing customers to “plug-and-play” vendors.
Alex Cuppage, partner at UK-based Silverstripe, said: “We are excited to partner with Paydock and support their mission to simplify and streamline payments for businesses around the world.
“Paydock has developed a powerful platform that offers unparalleled flexibility, security, and reliability.”
Cuppage added: “We believe that Paydock is well positioned to capture a significant share of the growing payment orchestration market, and we look forward to working closely with the company’s talented team to help them achieve their goals.”
Among Paydock’s clients are the Commonwealth Bank of Australia, Australian retailer Coles, and not-for-profit organisations, such as the United Nations High Commissioner for Refugees (UNHCR).
According to Paydock, the payment orchestration sector is forecast to reach $2.5 trillion by 2027.
Rob Lincolne, founder and chief executive officer of Paydock, said that having established a “deep relationship” over the past 12 months with Silverstripe, “their experience and track record in the finance and tech sector will supercharge our mission to transform the payments sector for the better”.
“We are fully focused now on doubling down on our vision to deliver the world’s best orchestration solution.
“This funding enables us to accelerate that vision, introduce customers and partners faster and bring forward our ambitious vision of the future in payments,” he added.