Gov. Ralph Northam (center) with the Paymerang team at the company's office courtesy of J&D Photo LLC
Aldrich Capital Partners said Monday that it has made a $26 million investment in Paymerang LLC, a Richmond-area provider of electronic payment solutions for businesses.
According to Aldrich, an investment firm based in Bethesda, Md., the money will buy out company investors and help Paymerang grow in the procure-to-pay space with new jobs, products, sales channels and operational infrastructure.
Paymerang, located on Midlothian Turnpike in Chesterfield County, plans to expand operations in the Richmond area, adding more than 100 jobs during the next five years.
“From its inception, Paymerang has transformed the way businesses pay their suppliers electronically, enabling them to be more efficient, secure and profitable,” company CEO Nasser Chanda said in a statement. “… Our market is ripe for innovation, and we intend to work fast to develop solutions to the complex problems businesses face today.”
