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March 29, 2019

PayIt receives $100m investment to simplify government payments

PayIt, which offers a platform for government payments, has secured $100m investment from private equity firm Insight Partners to support its expansion.

The company aims to simplify the acceptance of digital payments for governments. Its Digital Government Platform allows clients to accept payments for providing public services.

The platform supports a variety of modules, including motor vehicle, taxes and utilities.

PayIt will use the new funds for expansion as well as to boost its product capabilities.

PayIt founder and CEO John Thomson said: “We’re thrilled to partner with Insight Partners to further accelerate the value we’re able to deliver to constituents and the governments that serve them.

“PayIt’s unique digital payments platform simplifies government by making it more modern, convenient, secure, and transparent.”

Insight Partners managing director Ryan Hinkle said: “As consumers, we increasingly expect world-class mobile experiences in everything we do, from booking hotel rooms to getting rides to ordering groceries.

“PayIt brings this type of world-class experience to their government partners, saving time for consumers and creating more efficiency for the agencies served.”

PayIt’s platform is said to be cloud-based, secure, does not need any hardware and can be easily integrated with existing systems using the company’s open platform approach.

It offers enterprise administrative portal tools that can be used to track and manage the provided services. These portal tools include transaction and settlement reports as well as customer support.

The platform can also be customised based on the specific requirements of the clients.

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