Neural Payments, a fintech offering peer-to-peer payments solutions, announced an $8 million raise in Series A funding. The funding provides an injection of resources for further investments in sales, marketing, and engineering, as well as an increase in staffing to accommodate rapid growth.
Investing companies include The Banc Funds Company and Commerce Ventures. An investment firm specializing in the financial services and fintech industries, The Banc Funds Company works to bring capital, ideas, and strategy to promising start-ups like Neural Payments. Commerce Ventures focuses on sector-specific opportunities to partner with entrepreneurs building platforms for the future of retail and financial services.
The funding from The Banc Funds Company and Commerce Ventures follows previous Series A funding by New York-based investment adviser Mendon Venture Partners and the Curql Collective, Credit Union Service Organization (CUSO) driving fintech innovation for credit unions based in Des Moines, Iowa.
“Neural Payments is a growing fintech that delivers a cost-effective and secure solution to financial institutions seeking to offer peer-to-peer payment capabilities. We are impressed with the progress that Neural Payments has made, and we further believe there is significant runway for an innovative solution that allows money to be moved safely, inexpensively, and through a broad number of networks,” said Charles Moore, Founder and President of The Banc Funds Company.
“Zelle is great for big banks, but we can’t forget about everyone else. We know that mid-size and small banks need flexible and cheaper alternatives from our conversations with those institutions; we believe Neural is the answer,” says Vivek Krishnamurthy, Commerce Ventures.
“This additional funding is naturally exciting for us,” said Mick Oppy, Co-founder and CEO of Neural Payments, “but it also represents where we are going. These new partnerships put us further down the path toward transforming the peer-to-peer payment space and accelerating our ability to put our fingers on the pulse of the financial services industry.”