Business

Charlotte financial tech company Payzer raises $4.3 million

A Charlotte-based mobile application company has raised $4.25 million from four investors in a private stock offering, according to a filing with the Securities and Exchange Commission.

Payzer Holdings Inc. filed a Form D with the SEC on Sept. 26. The filing listed a total offering amount of $4.25 million with no amount remaining to be sold.

Of the amount raised, $500,000 will be used to pay executive officers, directors or promoters. No other details were provided.

Payzer is a mobile and cloud-based financial technology company, originally founded as “Just Push Pay.” Payzer’s mobile app helps businesses grow by enabling mobile payments, instant loans via mobile devices, easy management of recurring payments and customer management.

Earlier this year, Square 1 Bank, a division of Pacific Western Bank, announced it was providing a $1.5 million credit facility to Payzer, with proceeds being used to fund the launch of new “SaaS and transactional products,” the bank reported.

In April, Grotech Ventures and Route 66 Ventures led a $4.2 million Series A round for Payzer, with investments going to accelerate sales and marketing growth and to expand Payzer’s product development team, the company said in a press release.

Chief Executive Officer Joe Giordano signed the Form D.

Companies similar to Payzer, which rely on a Reg D exemption, aren’t required to register securities offerings with the SEC, but instead they must file a Form D electronically with the SEC after they sell the securities.

The form can be found here.

This story is from the North Carolina Business News Wire, a service of UNC-Chapel Hill’s School of Media and Journalism

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