Payment intelligence firm Pagos has raised an investment of $34m in its Series A funding round led by fintech-focused venture company Arbor Ventures.

The oversubscribed funding round also saw the participation of Point 72 Ventures, Infinity Ventures and Underscore VC, which led Pagos’ $10m seed round in 2021.

Pagos plans to use the fresh infusion to strengthen its engineering team as well as further develop its enterprise range of products that include Parrot, Peacock, Canary, Toucan and Loon.

Pagos co-founder and CEO Klas Bäck said: “Payment processing is fundamental to customer relationships, revenue, and a business’s bottom line, but most companies don’t have the data, knowledge, or tools to develop and execute on a best-in-class payments performance strategy.

“Even the small number of companies that do have those resources are leaving money on the table.

“Our platform helps companies understand and act on the data that already exists within their payments environment, allowing them to better support changing consumer behaviour and demands, reduce their operating costs, increase their revenue, and mitigate unnecessary customer friction—all without having to change their current payments infrastructure.”

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Pagos, which was established in 2021 by former leaders at Braintree, Venmo, PayPal, Stripe, eBanx, Klarna and Apple, claims to have analysed over one billion transactions so far.

The firm has developed an array of composable payments intelligence and action tools that can be employed along with the businesses’ current payments processing infrastructure.

Its bird-themed software-as-a-service (SaaS) platform is capable of converting complex payment data into real-time insights.