Align Commerce, a global payment provider that enables businesses to get paid seamlessly in their local currency has announced that it has closed a $12.5 million Series A round of funding led by Kleiner Perkins Caufield & Byers (KPCB), SVB Ventures, Recruit Venture Partners, Pantera Capital, Digital Currency Group and FS Venture Capital LLC.
Align Commerce has been trying to differentiate itself as a payments processor that is transparent and less expensive as opposed to the current payment processors in the market. Align Commerce uses a technology known as ‘multi-rail’ technology to process the payments of small businesses which is less expensive and faster than it’s competitors for sending funds overseas. ‘Multi-rail’ payments platform combines blockchain, an encrypted, data-driven rail, with traditional bank wire and treasury management rails.
Marwan Forzley, CEO of Align Commerce felt that the cost and the complexities of the traditional online payment systems have deterred small businesses and startups from taking advantage of globalization. The investment puts Align Commerce in a competitive position to take on the $25 trillion international payments industry.
Align plans to give access to its proprietary multi-rail platform, so that it reduces costs, cuts payment processing times and enhances the payment experience for the Small and Medium Business community through a highly simplified experience. With the recent round of funding in place, they plan to expand their presence globally.
The KPCB general partner Randy Komisar will bring his experience into the startup, as he joins as Align Commerce’s Board of Directors. Also a former senior counsel for Apple, Komisar is well-known in Silicon Valley as an expert on entrepreneurship and managing innovation.