PayIt Announces $90M Growth Investment from Macquarie Capital Principal Finance
Digital government and payments leader will leverage additional funding to accelerate product expansion and fuel continued growth
KANSAS CITY, Mo., August 4, 2022-- PayIt, the company modernizing interactions between governments and residents, has closed a $90M investment from Macquarie Capital Principal Finance. The new financing will support PayIt's continued growth and product innovation. Macquarie Senior Managing Directors Larry Handen and Jared Doskow will join PayIt's Board of Directors, alongside global software investor Insight Partners and Weatherford Capital.
"We are delighted to welcome Macquarie to the PayIt team," said PayIt founder and CEO John Thomson. "We have exciting plans to further empower governments to deliver consumer-grade digital interactions everywhere, and Macquarie Capital's investment and know-how will serve as a force multiplier in our achievement of that vision."
PayIt makes it simple, secure, and seamless for governments to accept digital payments and serve their constituents across web, desktop, and mobile. Its cloud-based solutions are easy to deploy and purpose-built for the public sector, with modules spanning Motor Vehicle, Taxes, Courts, Utilities, and more. PayIt's customers include digital leaders like the City of Toronto, Florida's Palm Beach County, and North Carolina.
"PayIt is at the forefront of Citizen-Centric Governance. Their technology delivers much needed services more cheaply, quickly and with greater public satisfaction than ever before," said Larry Handen, senior managing director at Macquarie Capital. "The PayIt team and their customers are impressive and committed. We look forward to supporting their mission."
Jared Doskow, senior managing director at Macquarie Capital, added, "We expect the ability to use mobile devices and technology for all sorts of services as consumers, and PayIt is bringing this modern approach to their government customers. We're excited to partner with the PayIt team and support the next chapter of growth together."
This investment comes during a momentous time in PayIt's continued scaling. It recently released its highly configurable next-generation platform architecture, as well as ProSight™, a robust backend dashboard for management and insights. The company has also expanded its executive team, appointing Jean Nobile as senior vice president of operations, and Kelly Davis-Felner as chief marketing officer, and was named to the GovTech100 for the sixth year in a row earlier this year.
PayIt is the leading SaaS provider of digital government services and payments. PayIt's cloud-native and easy-to-implement platform simplifies doing business with government agencies of any size by consolidating hundreds of services and payments into one connected experience for citizens. PayIt enables citizens to handle all of their essential government transactions quickly and easily. This innovative approach to government service delivery has garnered significant recognition in both the public and private sectors:
• GovTech 100 (2017-2022)
• Fast Company Innovation in Design Award (2019)
• StateScoop 50 State IT Innovation of the Year (2019-2020)
• NASCIO State IT Recognition finalist (2020)
• LocalSmart Awards (2020)
• Smart 50 Award (2021)
To learn more, visit www.payitgov.com
About Macquarie Capital
Macquarie Capital is the advisory, capital markets and principal investment arm of Macquarie Group. It encompasses corporate advisory, a full spectrum of capital solutions, including capital raising services from equity, debt and private capital markets and principal investments from Macquarie's balance sheet. Macquarie Capital has deep sector expertise in the aerospace, energy, defense and government services, consumer, gaming and leisure, financial institutions, healthcare, industrials, infrastructure, resources, software and services, technology, telecommunications, and media sectors. Macquarie Capital Principal Finance, the financing and principal investing arm of Macquarie Capital makes investments from Macquarie's balance sheet and provides flexible primary financing and secondary market investing solutions for corporate and commercial real estate clients across North America, Europe and Australasia.
About Insight Partners
Insight Partners is a global software investor partnering with high-growth technology, software, and Internet startup and ScaleUp companies that are driving transformative change in their industries. As of February 24, 2022, the closing of the firm's recent fundraise, Fund XII, brings Insight Partners regulatory assets under management to over $90B. Insight Partners has invested in more than 700 companies worldwide and has seen over 55 portfolio companies achieve an IPO. Headquartered in New York City, Insight has offices in London, Tel Aviv, and Palo Alto. Insight's mission is to find, fund, and work successfully with visionary executives, providing them with practical, hands-on software expertise to foster long-term success. Insight Partners meets great software leaders where they are in their growth journey, from their first investment to IPO. For more information on Insight and all its investments, visit insightpartners.com or follow us on Twitter @insightpartners.
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