Kansas City-based govtech company PayIt has secured $100 million in Series B funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced on March 27 and financed by Insight Partners.
According to its Crunchbase profile, "PayIt simplifies doing business with state, local and federal government through its patent-pending mobile transaction and payment platform. Along with our government partners, we are transforming the customer experience and making government more modern, convenient and mobile."
The 6-year-old company also raised a $4.5 million Series A round in 2016.
The round brings total funding raised by Kansas City companies in financial services over the past 90 days to $128 million. The local financial services industry has seen seven funding rounds over the past year, securing a total of $137 million in venture funding.
In other local funding news, automotive company BacklotCars announced a $25 million Series B funding round on April 15, led by Stripes Group.
According to Crunchbase, "BacklotCars is a leading online marketplace for auto dealers. Through BacklotCars, auto dealers, auto finance and rental car companies can transact without having to go to physical auctions. The company’s end to end solution is truly seamless for dealers as BacklotCars provides vehicle inspections, transportation and inventory finance services."
Founded in 2014, the company has raised two previous rounds, including an $8 million Series A round in 2018.