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GrailPay Raises $6.7 Million to Expand Risk Layer for Bank Payments
- GrailPay raised $6.7 million to expand its risk and data platform for bank payments aimed at making ACH payments safer, smarter, and faster.
- The funding will be used to grow product and engineering teams, expand go-to-market efforts, and enhance the platform's capabilities.
- GrailPay plans to provide fraud tools, risk engines, and analytics for bank payments similar to those developed for credit cards over the years.
- The company's tools are utilized by over 10,000 businesses, including payment platforms, lenders, FinTechs, and software vendors.
- Businesses leverage GrailPay's tools for predictive analytics and real-time signals to optimize account enrollment, transaction monitoring, and merchant underwriting.
- Construct Capital led the funding round, recognizing GrailPay's creation of an intelligent risk layer tailored for bank payments, essential for modern payment companies.
- Pay by bank is gaining popularity, with 91% of companies interested in adopting it due to benefits like lower cart abandonment rates, enhanced data security, and consumer ease of use.
- GrailPay initially built a bank payment processing platform focusing on ACH before developing a trust layer for bank payments, leveraging their data asset from processing transactions.
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