Payfactory Announces Acceleration Investment from Atento Capital
Atento’s funding to expedite Tulsa-based Payfactory’s expansion and hiring plans
January 25th, 2022 – Tulsa, OK – Payfactory, a payment facilitator that enables software companies to integrate payment acceptance effortlessly, today announced an investment from Atento Capital to scale its Tulsa-based business development and operations to meet the growing demand for Payfac-as-a-service provider.
“The opportunities for Payfac-as-a-service were historically unavailable to fintech startups. It was important to the founding team to build Payfactory here in Tulsa to bring the benefits of these opportunities back to our community. We are grateful to have Atento as a partner who is as thrilled to grow Tulsa’s tech community through innovation in payments as we are,” said CEO Ruston Miles.
Before now, software companies had limited options for offering payment acceptance to their merchants. They could choose the traditional model which requires time-consuming underwriting for each merchant. Or, they could choose to become their own payment facilitator through high-cost solutions that inhibit their potential to build a significant revenue stream from the payment acceptance feature. Payfactory’s Payfac-as-a-service model has brought together the best of both worlds for software companies by empowering them to deliver customized payment experiences, while also converting payment acceptance from a cost center to a revenue center.
Atento’s funding will provide Payfactory with an injection of capital to expand the already 70% Tulsa area-based team. “We are grateful to amplify our growth plans with Atento Capital and look forward to bringing more jobs to our community together,” added Miles.
“When we first met Ruston, it was clear that we were standing in front of a payments wizard,” said Michael Basch, managing director of Atento Capital. “With a successful exit in the payment space already under his belt, he had a nuanced understanding of the landscape and market opportunities. Ruston had been working on this product in stealth-mode for nearly a year, and had compiled an all-star team of serious operators around him. We are pleased with the traction to date, and are excited for what lies ahead for Ruston, the PayFactory team, and Tulsa.”
“Tulsa is quickly becoming a technology hub known for developing innovative products and bringing together teams that care about client experiences and the communities they live in ,” remarked Marvin Jones, Head of Strategic Partnerships. “Payfactory’s partnership with Atento sets an example for local investment that makes an immediate impact.”
Formed by payments industry veterans and created for and by developers, Payfactory enables software vendors to effortlessly integrate payment acceptance, own the merchant experience, and minimize risk. The company serves software companies seeking the benefits of payment facilitation and a higher level of security, service, and speed. For more information, visit https://payfactory.io/.
About Atento Capital
Atento Capital is an investment firm driving opportunities in Tulsa through returns, quality job creation, and being helpful. By democratizing access to venture capital and creating pathways to upward mobility for traditionally underinvested groups of people, Atento has helped dozens of companies and entrepreneurs grow and thrive in the Tulsa tech ecosystem. For more information, visit https://www.atentocapital.com/.
Head of Strategic Partnerships