Payments company Nvoicepay has hired Raymond James as it looks to raise another round of funding, three sources said.
How much the Beaverton, Oregon, company is seeking is unclear.
Nvoicepay provides cloud software that automates payments for suppliers. The company, founded in 2009, counts more than 2,500 customers.
The fundraising comes two years since Nvoicepay’s last capital raise. Napier Park Financial Partners, the PE group of Napier Park Global Capital, invested $10 million in the company in a Series F in October 2016.
Overall, the company has raised $22.1 million over eight financing rounds, according to CrunchBase. Besides Napier Park, its backers include Mosaik Partners, Silicon Valley Bank and Women’s Venture Capital Fund, CrunchBase reports.
Nvoicepay is the latest fintech company to seek funding, or a sale, in the thriving payments market. Payments revenue is expected to hit $2 trillion by the end of 2021, up from the current $1.75 trillion, according to Sharespost.
Raymond James is also advising GIACT Systems, which is up for sale, Buyouts reported in September. GIACT is a portfolio company of Tritium Partners.
Meanwhile, Cashnet, the payments unit of Blackboard Inc, is also seeking a buyer, Buyouts has reported. Providence Equity Partners owns Cashnet.
In yet another fintech deal, Corsair Capital is expected to announce the winner of its process for Realtime Electronic Payments, or Repay, soon.
Nvoicepay, Raymond James and Napier Park could not be reached for comment.
Action Item: Nvoicepay CEO Karla Friede can be reached at +1 877-974-1750.