U.S. paytech startup Link has received $20 million in a Series A funding round led by Valar Ventures. Co-founders Eric Shoykhet and Edward Lando say the fresh money comes in addition to an undisclosed $10 million seed round last year led by Tiger Global and joined by Amplo, Pareto Holdings, Quiet Capital, and several angel investors.
The money will be used to drive the company’s growth following the launch of its flagship product LinkPay, an open banking-based payments solution.
The founders say the company’s offering is live and “already has several billion in payment volume committed,” including from merchants such as Misfits Market, Thrivos, Play by Point, and Passport Inc.
LinkPay uses the ACH network and machine learning technology to enable consumers to make digital payments through their bank accounts, enabling businesses to save on card processing fees.
The company has doubled the size of its team from 20 to 40 employees in the past year. Shoykhet and Lando said their employees have previously “suffered through the problems we are currently focused on solving,” giving the company a “deep sense of commitment” in its quest to “create a more cost-effective payments ecosystem.”