Revenew has raised $4.55 million in venture capital (VC) funding and launched its flagship product Clarity.
The company provides an all-in-one solution that helps platforms and marketplaces manage their payments, optimize their margins and streamline their financial operations, according to its website.
With Revenew’s solution, these businesses can get oversight of their platform revenue and margins, identify their most profitable customers, increase margins with intelligent pricing, and unlock new revenue streams, per the site.
“This raise will enable us to focus on really putting platforms in the driver seat and providing them with the tools they need to evolve and grow,” Revenew said in a Thursday (Aug. 22) post on LinkedIn announcing the funding and the product launch.
The company said in the post that the launch of Clarity will accelerate “our mission to ensure the platform economy can prosper by providing unparalleled visibility and control.”
Revenew’s investors include Fika Ventures, Dash Fund and TTV Capital, according to the post.
The company is opening up its platform to a broader market after working with early adopters to shape the product, Nicholas Thomson, co-founder of Revenew, said in a Thursday post on LinkedIn.
It is doing so at a time when thousands of platforms and marketplaces are leading the growth and future of commerce with embedded finance and with the rise of the platform business model, Thomson said in the post.
“Between these two growing trends, combined with tooling designed specifically for platforms and marketplaces, is where we have positioned Revenew as the true growth partner for this business model,” Thomson said in the post.
Sixty-five percent of independent software vendors (ISVs) and marketplaces that don’t currently offer payment capabilities plan to add embedded financial products for payment acceptance within the next year, according to the PYMNTS Intelligence and Carat from Fiserv collaboration, “Platform Business Survey: The Rise of Embedded Payments.”
By adding embedded financial products, these companies would join the approximately three-fourths of ISVs and marketplaces that already do so and plan to enhance their financial products within the next year, the report found.
For platforms, simply matching supply and demand is not enough; when it comes to payments, customizing according to customers’ preferences is essential, PYMNTS reported in June.
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