Paygevity, a payments processing and vendor services company based in New York, has raised half of its funding goal in its first week on securities-based crowdfunding website Crowdfunder.
The company launched a fundraising campaign on the site seven days ago to raise $500,000 for its PromptPay Platform for corporations and their suppliers. Individual investments have averaged upwards of $80,000, totaling $250,000 so far.
The company expects its beta product to be available this summer, according to its Crowdfunder campaign. It will use the funds in a marketing push and to build out its sales team, Pagevity said in a May 29 press release.
Paygevity's platform technology captures information like purchase orders, invoices, underlying contract information, SKUs and pricing. PromptPay lets buyers and suppliers configure their systems for access to invoice payments activity and advanced management analytics.
PromptPay was born out of President Obama and the Small Business Administration's SupplierPay program, an initiative committed to finding faster ways for large corporations to pay their suppliers and cut financial inefficiencies of the supply chain services industry.