Company:Payability
From HandWiki
 | |
| Type | Private |
|---|---|
| Industry | Financial technology |
| Founded | 2014 |
| Founders | Keith Smith, Scott Lynn |
| Headquarters | New York City |
| Products | Factoring solutions[buzzword] for suppliers of digital marketplaces |
| Website | www |
Payability is an American FinTech company based in New York City. Payability provides finance solutions[buzzword] to suppliers of digital marketplaces. Payability's platform integrates with digital marketplaces, most notably Amazon's. The company offers customers invoice factoring: It purchases suppliers’ accounts receivable, allowing suppliers to get paid for their sales on an expedited schedule.[1]
History
- Scott Lynn and Keith Smith founded Payability in 2014.
- According to Smith, the idea for Payability came when he saw a recurring pain point for the suppliers of online marketplaces like Amazon: Marketplaces often withhold payments from sellers for a number of weeks, creating cash flow challenges for suppliers.[2] In a 2015 interview, Smith pointed out that being unable to access cash from their sales frustrates sellers and limits their ability to replenish inventory or fund marketing campaigns.[3]
- Payability began working with mobile app developers in 2015.[4] In 2016 the company expanded to focus on Amazon sellers and vendors on other online marketplaces.[5]
- In August 2016, Payability partnered with Amazon Launchpad to offer financing for startups through Amazon Launchpad Services Hub.[6]
- In 2018, Payability launched an online business debit card for the sellers[7]
Founders
Smith is the founder of BigDoor, a gamification startup that he exited in 2014.[8] He founded two other companies, CyberMortgage and Zango.[9]
Lynn is the founder of advertising technology company AdKnowledge.[10]
References
- ↑ "Payability Reviews: A Good Finance Solutions for Amazon Sellers?" (in en-US). 2019-04-08. https://www.amzfinder.com/blog/payability-reviews/.
- ↑ Wack, Kevin (January 19, 2016). "Why Mobile-App Developers Are Turning to a New Crop of Finance Companies". American Banker. https://www.americanbanker.com/news/why-mobile-app-developers-are-turning-to-a-new-crop-of-finance-companies. Retrieved February 25, 2017.
- ↑ "Keith Smith – Co-founder and CEO of Payability". ideamensch. June 5, 2015. https://ideamensch.com/keith-smith/. Retrieved February 25, 2017.
- ↑ "Keith Smith, Co-Founder and CEO, Payability Talks App Market Trends". Business of Apps. October 28, 2015. http://www.businessofapps.com/keith-smith-co-founder-and-ceo-payability-talks-app-market-trends/. Retrieved February 25, 2017.
- ↑ Rosenberg, Ed (July 14, 2016). "Keith Smith, co-founder & CEO Payability with ED advances your Amazon settlement". Amazon Sellers Group TG. https://www.youtube.com/watch?v=-bGRr0wglmA. Retrieved February 25, 2017.
- ↑ "Services Hub from Amazon Launchpad". Amazon. https://www.amazon.com/launchpad/serviceshub/. Retrieved February 25, 2017.
- ↑ "Payability releases card for marketplace sellers" (in en-US). https://www.retaildive.com/news/payability-releases-card-for-marketplace-sellers/532130/.
- ↑ Demmitt, Jacob (October 23, 2015). "After selling BigDoor, resilient startup leader Keith Smith is back at it with NYC company". GeekWire. http://www.geekwire.com/2015/after-selling-bigdoor-resilient-founder-keith-smith-is-back-at-it-with-nyc-startup/. Retrieved February 25, 2017.
- ↑ "Keith Smith, Co-founder & CEO @ BigDoor". crunchbase. https://www.crunchbase.com/person/keith-smith#/entity. Retrieved February 25, 2017.
- ↑ Anderson, Charlie (March 26, 2006). "Young Web pioneer is an old hand". bizjournals. http://www.bizjournals.com/kansascity/stories/2006/03/27/story2.html. Retrieved February 25, 2017.
 |
