services, for many, epitomize the worst of bureaucracy: they are, at their low point, large, lumbering organizations working under sted budgets, staffed by ler employees who don’t get much say in improving things, and lots of paperwork. But as ageing grinds to a halt and services start making the switch to digital, that image is slowly starting to change, and the companies helping this along are reaping some of the rewards.

Today, one of them, PayIt — which has designed a platform to take payments and produce related documentation for services through web and s — announced that it has raised a hefty funding round of more than $100 million to tap that opportunity.

PayIt’s platform is currently operational in the . and covers a variety of applications that fall under the general category of services that require organizations and agencies to take money from and issue with certicates and other documents confirming we have done something official. They include Courts and Citations, al Services, Health and Human Services, Motor Vehicle, Parks and , Professional Licensing, Safety, Taxes, Turnpike and Tolling and Utilities.

The plan for PayIt will be to expand that list to cover more e cases, to win more biness in the ., and to also begin the process of breaking into more international markets.

The funding is coming from a single investor, Insight Partners (which ed to go by Insight Venture Partners), and it is also notable becae of some of the funding context.

Since its founding in 2013, PayIt had only raised $11 million, John Thomson — the who co-founded and runs the company with Michael Plunkett (COO) in — told me in an interview.

And in case you are wondering, Thomson added that the reason they’re not disclosing a more exact funding figure — or PayIt’s valuation — is becae the company doesn’t want the financial aspects to be the foc: both becae he wants this to be about expansion, and becae he doesn’t want to give too much to competitors.

Indeed, while the market is massive — in the . alone, Thomson estimates that some $2 trillion flows between services and constituents annually — it is also crowded with payment companies that want to tap some of that for themselves.

Competitors include other payment platforms that work with services, such as Aliant, other payment providers like Stripe and PayPal, companies like Visa, and sometimes even the government itself. Thomson does not divulge what PayIt’s own share of the pie is except to note that it is handling a “small but rapidly growing percentage of the market.”

As citizens, we all know some of the pain points of older sys: they might require in-person visits or snail mail to make payments and procure vario official documents. (DMV appointments, for one, can take months to sort out.) As Thomson describes it, what’s going on under the hood is equally as inefficient and slow moving.

“To do biness with the — whether it’s ., state or local — the entire burden in many cases is placed on constituents,” Thomson said. Behind the scenes, it’s also bad. There can be “as many as six or seven sys in e to handle a request, a payment and more.”

The idea is that PayIt has built a platform that can integrate all of that into a single process, behind a single front end. “Payments happen in the form of a wallet,” he said, adding that PayIt handles sensitive in the cloud and doesn’t require ers to re-enter too many details, or for too many organizations to have to hand off between each other to complete a payment subsequent document order. “Consumers love it becae it’s like interacting with a biness in the private sector,” he said.

PayIt’s notable for straddling two big areas — fin and gov. While the former has seen a ton of innovation that has mirrored the growth of the internet overall, companies (and s) have really only started to scratch the surface with the latter. It will be interesting to see how this develops both in terms of innovation, but also where people will potentially draw a line on too much centralised and digitised . Recent moves in India around Aadhar — which is now the world’s largest biometric ID sy — have been more than a little controversial.

For now, however, there are a lot of incremental processes to fix and make efficient, and that is where PayIt sits for now.

Insight Partners is an interesting investor for PayIt in that regard. The VC has a track record for backing startups that are ing to disrupt and rethink legacy , with previous investments including WordPress’s Automattic, BlaBlaCar and N26 in Europe, Docign and many more.

“What excited most about the PayIt platform is its ability to scale and make a true impact on a broad base of stakeholders,” said Ryan Hinkle, managing director at Insight Partners, in a statement provided to Crunch.

“We’ve all dreaded having to wait in line for a new ’s license, or jump through hoops to pay for a parking ticket. It’s clear that with PayIt, that doesn’t have to be the reality. PayIt seeks to dissolve those stressful interactions making processes seamless and simple for constituents and s, allowing issues to be resolved and revenue to be collected efficiently. At Insight Partners, we’re looking forward to helping John and the scale the best-in-class platform they’ve already built, and reach new constituents and s with these solutions.”

Related posts