Expansion by FinTech leader will create 50 new jobs in Wise County, VA
RICHMOND, Va., Sept. 6, 2022 /PRNewswire-PRWeb/ -- Richmond, Va.-based FinTech leader Paymerang (https://www.paymerang.com/) recently announced that it would be expanding its operations to Wise County, Virginia, creating 50 jobs in the southwestern region of the Commonwealth.
Paymerang will house the new operations in Big Stone Gap's downtown co-working space, where employees will engage in software development, payment operations, and cloud engineering. Focusing on these critical areas will enable Paymerang to transform finance departments nationwide by helping them to become more efficient, secure, and profitable.
The expansion furthers Paymerang's footprint in the region—a few Wise County residents work remotely in Paymerang's operations department. Additionally, the Town of Big Stone Gap is a client, and part of Paymerang's Public Sector vertical.
"Paymerang is thrilled to expand operations in Wise County, a region of honest, hardworking people that align with our values," said Nasser Chanda, CEO of Paymerang. "We commit ourselves to creating jobs that will help transform and build a more sustainable economy in the area. Doing so allows us to support our on-site operations in Chesterfield County and deliver leading automation solutions for finance departments nationwide."
Earlier in August, Inc. 5000 named Paymerang as one of the nation's fastest-growing private companies in the U.S., recognizing the organization's annual growth rate of nearly 50%. This prestigious award also marks Paymerang's achievement of being the fastest-growing software company in Richmond, VA. Since 2018, Paymerang has grown from 27 to more than 230 employees while expanding company operations, new product development, sales, and marketing. At the beginning of this year, Paymerang completed its office expansion at its Chesterfield County headquarters, giving the organization additional space to grow.
In 2018, Aldrich Capital Partners became the parent company of Paymerang. They made a $26 million growth investment in thecompany to help it grow organically in the Procure-to-Pay space with new jobs, products, sales channels, and operational infrastructure.
"Four years ago, we invested $26 million in Paymerang, our largest investment in a Virginia company at that time, and last year, we invested another $10 million," Mirza Baig, managing partner of Aldrich Capital Partners, said. "We are most pleased that both Paymerang and eHealth Technologies, also a member of our portfolio, are finding success in business expansion to the Southwest Virginia region. As the entrepreneur behind the entrepreneurs, Aldrich Capital Partners is delighted to help grow companies like Paymerang, to the benefit of all stakeholders, including our friends and neighbors in Virginia's southwest."
Paymerang is the second company to join Project Fuse (https://www.investswva.org/project-fuse) an economic development initiative created by the Lonesome Pine Regional Industrial Facilities Authority and InvestSWVA. The initiative seeks to examine and define a telework employment strategy for its localities in Southwest Virginia, including the City of Norton and Dickenson, Lee, Scott, and Wise Counties.
"Paymerang recognizes that there is great talent across the Commonwealth, especially in this region," said Gloria Garber, Paymerang's VP of People and Culture. "We are thrilled to have the chance to add these individuals to Paymerang's exceptional team and continue growing as this project unfolds."
Federal and state lawmakers also responded to the news of the expansion.
"I applaud Paymerang for locating a hub in Big Stone Gap and providing 50 job opportunities in the area connected to the company's Central Virginia headquarters. It will help pave the way for further economic growth in our region," U.S. Rep. Morgan Griffith, R-9th, said.
"It is a pleasure to welcome Paymerang to Big Stone Gap," said Del. Terry Kilgore, R-Gate City, and majority leader of the Virginia House of Delegates and InvestSWVA co-chair. "We are working to make all of Virginia the destination of choice for business and our rural areas are ready to be part of the story. I applaud Paymerang for joining us in Southwest Virginia and fully expect Paymerang to shine as a global business success story."
About Paymerang
For over a decade, Paymerang has helped businesses achieve greater efficiency by providing them with a paperless AP invoice and payment process, which enables organizations to spend more time focused on strategic initiatives instead of manual tasks.
Paymerang's streamlined Invoice Automation (https://www.paymerang.com/products/invoice-automation/) and Payment Automation (https://www.paymerang.com/products/payment-automation/) solutions bring AP departments into the modern age. Paymerang's solutions save AP departments thousands of hours annually, enhance visibility, increase accuracy, and improve efficiency while reducing paper, fraud risks, and operating costs.
About Aldrich Capital Partners
Aldrich Capital Partners (ACP) supports disruptive innovation in healthcare IT, fintech, and application software by investing equity capital in privately held growing companies. Founded by experienced investors and operators, who were also successful entrepreneurs, the founders of Aldrich Capital have been responsible for over $1 billion in technology investments since 1999. Both an operations partner and board-level advisor, ACP brings its portfolio companies strategic insight and access to a broad network of relationships built over 50 combined years of entrepreneurship and investing. Aldrich Capital Partners was founded in 2014 and has offices in Silicon Valley and the Washington, DC metro area. Learn more at http://www.aldrichcap.com.
About LPRIFA
The Lonesome Pine Regional Industrial Facilities Authority (LPRIFA) was established in 2019 under authorization of Virginia Code Section 15.2-6400. Member localities of the LPRIFA include Dickenson County, Lee County, City of Norton, Scott County, and Wise County. The authority provides a mechanism enabling far Southwest Virginia localities to capitalize on the strength of collaboratively working together and engaging in revenue sharing for regional projects. The purpose of the LPRIFA is to develop and enhance infrastructure, programs, and initiatives that diversify economic development and job creation opportunities for the region. For more information, visit http://www.lenowisco.org/lonesome-pine-rifa.html.
About INVESTSWVA
InvestSWVA is a public-private business research, attraction and marketing campaign for Southwest Virginia launched under the umbrella of the Virginia Tobacco Region Revitalization Commission and backed by private industry. Visit https://www.investswva.org/project-fuse to learn more.
Media Contact
Megan Yardis, Paymerang, 1 804-301-1249, [email protected]
SOURCE Paymerang
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