Following this announcement, the payments workflow and customer engagement software Payble is expected to leverage the new funding in order to continue the process of capitalising on strong demand for Payble’s citizen-centric payment solution. This takes place in its beachhead segment of local government transactions. At the same time, the company will use the new investment in order to explore new opportunities and capabilities, as well as to accelerate its overall expansion around the world.
OIF Ventures represents an Australian venture capital firm that will provide Payble with its deep understanding of enterprise software, as well as its experience in the process of optimising the development of early-stage companies.
The funding round comes during a time when the cost-of-living pressures are facing multiple households, and the challenges impact the overall flow of the company’s local councils. According to the press release, 60% of councils expect the payment arrears to increase again during this year, and 69% of council rates teams already feel under-resourced in their response.
By using the services provided by Payble, councils will be given the possibility to offer a flexible, self-solution payment experience to their community. Clients will also be enabled to easily align transactions to their own budget without the need for any additional phone calls or contacting the company. In addition, councils will benefit from the capability to improve cashflow and save time by not being occupied with administrative work.
The solution will also continue to optimise the manner in which local governments increase on-time payments and reduce the administrative challenges that are often associated with billing. At the same time, the company will continue to provide its suite of services in order to improve the community satisfaction and payment experience by meeting their needs, preferences, and demands in an ever-evolving industry.
For example, Payble aims to enable ratepayers to shift from a larger annual and quarterly payment to flexible weekly or fortnightly transactions in a secure and effective manner, with no extra costs. In addition, they will be given the possibility to easily extend or skip a payment without the need for any additional paperwork to be completed.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now