Today (Tuesday), UNIPaaS, an Israeli fintech startup providing a payments solution for digital marketplaces and B2B SaaS companies, announced it has closed a $10 million Seed round. The investment was led by TPY Capital, with participation from FJ Labs, and a number of key private investors from the fintech sector, including NextDoor CEO Sara Friar and Gokul Rajaram, among others.
"Own their payment experience"
According to the Israeli company, the platform helps multi-vendor businesses own their payments experience, control funds and monetize financial services to generate new growth engines. 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. With the sector preparing to more than triple in sales, UNIPaaS aims to transform how businesses integrate and handle payments.
“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,” said CEO David Avgi.
Headquartered in Tel Aviv, UNIPaaS was founded in early 2020 by CEO David Avgi, who was former CEO of SafeCharge acquired by Nuvei in 2019 for nearly $900 million; CTO Oded Kovach, COO Limor Liberman, and CFO Tsach Einav. Since its establishment last year, the company has quickly obtained crucial certifications and licenses for operating in the UK, and has already started to onboard customers. The company noted that the funds will be reinvested in expanding and enhancing its multi-vendor payment solution.
“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.”
