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Payrails banks $14.4M for its OS for complex payments flows


Enterprises and marketplaces that need to take and make payments across multiple geographies and products have typically relied on mix-and-match bags of third party services patched together by teams of engineers with some of their own code.
But at best, these Dr Frankenstein creations can be buggy and still missing functionality — and at worst, the complexity can hide malicious activity.
That was the disparity that led three payments engineers to found Payrails, a startup has developed a framework to build and operate more stable enterprise payment services. Today, it’s announcing funding of $14.4 million after seeing some solid traction around its platform.
EQT Ventures is leading the investment, with General Catalyst, Andreessen Horowitz and HV Capital also participating. The funding is being described as a “seed extension”: A16Z led the original seed round of $6.4 mill …

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