VC-backed PayIt, which aims to cut down on DMV pain, is up for sale

PayIt, the VC-backed payments company for government services, is up for sale, two sources said.

Harris Williams is advising on the sale.

PayIt is the Kansas City, Missouri, provider of a mobile government platform that aims to speed the payment of state and local services, like DMV, permits and licensing, as well as turnpike passes, for consumers.

How much PayIt is seeking is unclear.

PayIt raised $4.5 million in a 2016 Series A round from investors including Advantage Capital Partners, Weatherford Partners, Royal Street Ventures and Missouri Technology Corp.

In 2013, John Thomson, PayIt’s CEO, founded the company along with COO Mike Plunkett and Ryan Townsend, the former chief technology officer who is now CTO with Ad Astra Information Systems.

Thomson created PayIt after becoming frustrated waiting in line at the Missouri Department of Motor Vehicles, Startland News reported.

PayIt has succeeded in alleviating some DMV pain. Kansas became the first and only state to offer driver’s-license renewals through PayIt’s iKan app, Gov. Jeff Coyler said in an Oct. 31 tweet.

With the iKan app, Kansas residents no longer have to visit a DMV to renew their driver’s licenses, said Rachel Whitten, a Coyler spokeswoman.

Kansas residents began using iKan in March to renew their vehicle registrations and access official documents, according to press reports.

“People are excited to have a new option,” said Whitten. “We’re thrilled to have it.”

Executives for PayIt, Harris Williams, Advantage Capital, Weatherford, Royal Street and Missouri Technology could not immediately be reached for comment.

Action Item: Contact John Thomson at +1 816-343-8095