Salter Brothers lead $6.5m capital raise for global digital payments platform Verrency
Melbourne-based fund manager Salter Brothers has led a capital raise of $6.5 million for global payments innovation platform Verrency, partnering with Perennial Value Management to provide expansion capital to the rapidly growing fintech in a sector with huge growth potential.
Salter Brothers Private Equity Fund will invest $2.5 million in Verrency as Series A lead investor and has brought Perennial Value Management on board to invest $2.5 million, as well as $1.5 million coming from existing shareholders.
Verrency, founded in Australia, supports financial institutions to drive customer acquisition and increased engagement with personalised products and services, including auto-rounding to carbon offset or charity; real-time budgeting notifications; pay with points or cryptocurrency; buy-now, pay-later; and instant loyalty rewards.
Verrency’s trusted SaaS platform connects to bank processors’ and card issuers’ legacy platforms, allowing them to deliver innovation to customers quickly and cost-effectively without replacing their existing platforms. Verrency created a first-mover advantage following its founding in June 2016 and now services many large global corporate clients, including among others Visa, EFTPOS, FIS and Volt. Verrency was named the fastest growing technology company in Australia in the Deloitte 2020 Technology Fast 500 Asia Pacific rankings.
Salter Brothers Managing Director Paul Salter said, “Verrency is positioned in the centre of an exploding payments market, where its products and services will be highly sought after by incumbents and new entrants alike.”
“Verrency has made great progress in securing tier one partners and customers in the last 12 months. It is truly an exciting phase of the company’s development, and we are pleased that Verrency picked us and investment partner, Perennial to support them in this next stage of their growth. We’re delighted to be working with Perennial’s Private to Public team on this opportunity,” he said.
Verrency’s Founder, David Link, said the investment and strategic partnership with Salter Brothers marks an exciting next stage for the company.
“Salter Brothers has clearly demonstrated its knowledge of this rapidly changing industry and our business, bringing in Simon Jones, Founder of fintech Assembly Payments, who has worked with both Verrency and Salter Brothers on this opportunity, and is pleasingly joining the Board from completion.
“Verrency has a large addressable market which is growing rapidly as digital payments penetration grows and the need for banks to provide differentiated services to their customers increases. We solve the buy-versus-build pain for incumbent financial institutions, and we have had a strong first mover advantage,” Link said.