Neural Payments raises $8 million in Series A Funding
CINCINNATI, OHIO (February 23, 2023) — 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.”
About Neural Payments
Neural Payments was created to assist financial institutions in adopting change at or ahead of market pace. Leveraging experience working with banks, credit unions and payment processors on a global scale, Neural Payments will make a difference connecting institutions to the latest technologies and trends. Learn more at neuralpayments.com
About The Banc Funds Company
The Banc Funds Company is a leading investment firm that partners with management teams in the financial services and financial technology industries and gives them the tools, knowledge, and independence to create success. Since 1986, The Banc Funds has deployed $6.0 billion of capital into more than 3,400 companies across 11 funds. The firm’s 11th fund, TBFC Financial Technologies Fund, invests in pioneering companies that are developing financial services technology to meet the evolving needs of the banking industry. For more information, please visit thebancfunds.com.
About Commerce Ventures
Commerce Ventures is an early-stage venture capital firm investing in commerce infrastructure technology, primarily in FinTech and Retail Tech. Commerce Ventures has invested in over one hundred portfolio companies since its launch, including category leaders like Bill.com, Marqeta, MX, Narvar, and RetailNext. For more information, visit commerce.vc.