May 10, 2023
Verivend’s Strategic Focus Results in Tremendous Growth for the Buffalo-Based Startup
Rodney Reisdorf, CEO, Verivend (Picture by Joed Viera)
Verivend, a tech platform that automates the payment process for private capital transactions, has seen a surge in customers and dollar volume of transactions. CEO Rodney Reisdorf is targeting faster, more secure transactions to eliminate friction in the industry. Verivend is keeping a strategic focus on being Venmo for private capital, specializing as a tech platform, rather than being an all-in-one platform. The company partners with service providers for work like legal that its platform users can use. Verivend has grown its customer base year-over-year by 650% and grown in dollar volume of transactions by 450% by Q1 2023. The business, founded in 2019, has done nearly half a billion dollars of transaction volume since it started processing transactions in 2020. Verivend has a preferred network of service providers to whom it partners with to incentivize their customers to use the platform and vice versa. The company aims to add customers through direct sales and product-led growth. The company has raised $3.3m so far and is looking to raise another funding round by the end of 2023.
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