Australian payments start-up Verrency has completed a Series A financing round of A$10m ($6.9m) as it targets international expansion.

With the latest capital infusion, the total funding raised by the firm exceeds A$20m.

Verrency is now geared up for a Series B funding round in the second half of this year, as it seeks entry into the US and Singapore.

The firm already inked agreements with SenaHill Partners in the US and Singapore’s SoHo Capital for the expansion.

Verrency founder and CEO David Link said: “We have a strong pipeline of potential contracts in late-stage negotiations in the United States and Asia along with a market that is rapidly awakening in terms of the need to deliver consumer and small-business innovation around the moment of payment.”

Founded three years ago, Verrency enables financial services providers to add new products without replacing legacy infrastructure.

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The payments firm also has partnerships with Australian neobank Volt and Colombia’s Banco Davivienda.

Commenting on the latest funding, Link noted: “This Series A investment of $10 million is a vote of confidence in our technology and leaves us well positioned to continue our global growth, increase R&D and bolster our sales team.

“The customers we have signed agreements with see our technology as a long-term infrastructure play.”