Payability

Payability
Private
Industry Financial technology
Founded 2014
Founders Keith Smith, Scott Lynn
Headquarters New York City
Products Factoring solutions for suppliers of digital marketplaces
Website www.payability.com

Payability is an American FinTech company based in New York City. Payability provides finance solutions 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.

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.[1] 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.[2]

Payability began working with mobile app developers in 2015.[3] In 2016 the company expanded to focus on Amazon sellers and vendors on other online marketplaces.[4]

In August 2016, Payability partnered with Amazon Launchpad to offer financing for startups through Amazon Launchpad Services Hub.[5]

Founders

Smith is the founder of BigDoor, a gamification startup that he exited in 2014.[6] He was previously the founder of two other companies, CyberMortgage and Zango.[7]

Lynn is the founder of advertising technology company AdKnowledge.[8]

References

  1. ↑ Wack, Kevin (January 19, 2016). "Why Mobile-App Developers Are Turning to a New Crop of Finance Companies". American Banker. Retrieved February 25, 2017.
  2. ↑ "Keith Smith – Co-founder and CEO of Payability". ideamensch. June 5, 2015. Retrieved February 25, 2017.
  3. ↑ "Keith Smith, Co-Founder and CEO, Payability Talks App Market Trends". Business of Apps. October 28, 2015. Retrieved February 25, 2017.
  4. ↑ Rosenberg, Ed (July 14, 2016). "Keith Smith, co-founder & CEO Payability with ED advances your Amazon settlement". Amazon Sellers Group TG. Retrieved February 25, 2017.
  5. ↑ "Services Hub from Amazon Launchpad". Amazon. Retrieved February 25, 2017.
  6. ↑ Demmitt, Jacob (October 23, 2015). "After selling BigDoor, resilient startup leader Keith Smith is back at it with NYC company". GeekWire. Retrieved February 25, 2017.
  7. ↑ "Keith Smith, Co-founder & CEO @ BigDoor". crunchbase. Retrieved February 25, 2017.
  8. ↑ Anderson, Charlie (March 26, 2006). "Young Web pioneer is an old hand". bizjournals. Retrieved February 25, 2017.
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