Paymerang

Paymerang offers a cloud-based accounts payable (AP) and receivables automation platform, which covers the entire process from invoicing to payments. The AP invoice automation solution uses AI to capture, read, and route invoices, automate the approval process, and then post transactions to the general ledger (GL) to automate accounting processes. Meanwhile, the payment automation element lets users disburse payments to a network of over 600,000 vendors (as of April 2022), through multiple means, including virtual cards, ACH, and checks.  

Paymerang can be integrated with several finance softwares to automate accounting processes, including QuickBooks, Sage Intacct, NetSuite, AMB, and Deltek. In November 2023, Paymerang announced its integration with SimplyAP, specifically tailored for Microsoft Dynamics Business Central. 

In April 2023, Paymerang acquired KwikTag, an invoice automation provider for Microsoft Dynamics, and Sypht, an AI data platform (data extraction and analytics). Paymerang aimed to benefit through the acquisitions from the domain expertise and integrations with the Microsoft ERP ecosystem, improving its solutions through proprietary AI solutions, and gaining an international customer base (users in over 25 countries).  

In May 2024 , Paymerang was acquired by Corpay. The deal is set to wrap up in the second quarter of 2024, subject to regulatory approval and closing conditions.

Key customers and partnerships

The company mainly targets mid-market organizations across several industries, including healthcare, education, manufacturing, hospitality, and banking. 

Paymerang had two partnerships in 2024, to expand the usage of its platform in the senior living industry. In January 2024, the company partnered with Intellitec Solutions and in February 2024, it partnered with LeadingAge Southeast to offer its financial automation platform across the US. Additionally, in April 2024 Paymerang partnered with M3 Accounting solutions to market Paymerang's payment automation technology to M3 Accounting Core customers.

Funding and financials

The company noted in April 2023, that its annualized revenue had grown at over 40% YoY since 2018.  

Paymerang raised USD 10 million in funding in February 2021, led by Aldrich Capital Partners, to invest in product developments and expand its sales and marketing efforts.