David Avgi’s ePayments startup UNIPaaS raises $10 million
UNIPaaS, the ePayments solution startup headed by former SafeCharge CEO David Avgi, has announced that it has finalized its first external fundraising round, raising $10 million. UNIPaaS is a new Fintech venture seeking to build a payments solution for digital marketplaces and B2B SaaS companies.
The funding round is led by enterprise software focused venture capital firm TPY Capital, with participation of a number of global fintech leaders including Sarah Friar (CEO of NextDoor and formerly CFO of Square); Eric Sager (COO of Plaid); Sam Hodges (CEO of Vouch Insurance and formerly President of Funding Circle); and prolific product leader and angel investor Gokul Rajaram. Additional investors include FJ Labs, the world’s leading fund in marketplaces investments as well as serial entrepreneurs Talmon Marco (H2Pro; Juno; Viber); Boaz Palgi and Erez Webman (Paramount Data; ScaleIO); and Ofer Smadari (StackPulse; Luminate).
UNIPaaS said that it intends to use the funds to build out its solution for multi-vendor businesses to offer their own payment experience to manage and control funds, and leverage payments and financial services to generate new growth engines.
As was exclusively reported by FNG back in June, UNIPaaS was established in early 2020 by co-founders David Avgi (CEO), Oded Kovach (CTO), Limor Liberman (COO) and Tsach Einay (CFO). Prior to this initiative, David was the former CEO of SafeCharge, which was acquired by Nuvei in August 2019 for close to $900 million. Since its inception, UNIPaaS has obtained the cards scheme PCI Level 1 certification, received the UK FCA Authorised Payment Institute license, and started onboarding customers.
According to McKinsey, digital marketplaces are expected to account for 60% of the total digital-commerce volume and reach $9.2T in sales by 2023, up from $2.6T in 2019.
“We are transforming how businesses integrate and handle payments,” stated David Avgi, CEO and Co-founder of UNIPaaS. “The experience gained in over twenty years in the payments industry has led the UNIPaaS team to tackle what we believe is one of the most acute issues facing B2B platforms, especially multi-vendor ones. Digital marketplaces and B2B platforms wish to own their payment experience without the burden of developing additional tech stacks and operations or deal with regulation and licensing. We have designed an embedded payment stack, built from the ground up to facilitate complex multi-vendor models. Our solution gives platforms the ability to offer seamless user experience, complete control and transparency, real-time insights and the strategic value of generating new growth engines by offering additional financial services.”
“We were struck by UNIPaaS vision and how big the market it addresses can be,” said Dekel Persi, General Partner at TPY Capital, who, with Guy Yamen, joined the UNIPaaS Board. “We were also impressed by David Avgi’s ability to recruit top talent as well as with the progress this team has made before raising any external capital. David’s people-driven leadership, and significant personal investment in the round made it obvious to us as a fund that we have found a leader with a rare combination of vision, commitment and execution skills.”
UNIPaaS is headquartered in Tel Aviv, Israel. Initiated in 2020, this new fintech venture is led by highly experienced payments experts with the vision to deliver a robust solution designed from the ground up to support multi-vendor B2B platforms. The UNIPaaS solution gives platforms the ability to own their payments experience, control funds and monetize financial services. UNIPaaS meets regulatory and compliance requirements by having acquired the PCI DSS Level 1 certification and the UK FCA Authorised Payment Institute license.