Paywallet

About Paywallet

Paywallet is a financial technology company that operates a full life-cycle, payroll-linked Software-as-a-Service (SaaS) platform. Founded in 2021 by CEO DK Sharma and incubated by Pruvista Capital LLC, the Florida-based company provides a verification and remittance ecosystem. The platform enables lenders and other institutions to verify employment, income, and bank information, and to set up payroll-driven payments for obligations like loans or buy-now-pay-later (BNPL) transactions. This system is designed to improve payment certainty for lenders and expand access to credit for consumers by allowing them to use their verified income as proof of their ability to pay.

The company's technology is delivered through easy-to-integrate APIs for clients, placing the borrower in control of sharing their financial and identity data for credit decisions. Paywallet's business model is centered on providing these SaaS solutions to lending and fintech companies. The co-founder and CEO, DK Sharma, has an extensive background in financial technology, having previously served as the Chief Information Officer (CIO) of Citigroup International, where he led the development of technology for payroll-linked lending. This experience directly informed the creation of Paywallet. After his career at Citigroup, Sharma transitioned into entrepreneurship, investing in various companies and serving on the board of Kore.ai before leading Paywallet.

Paywallet secured a total of $14 million in funding, including a Series A round in February 2022 led by Pasaca Capital, with participation from previous investors PruVista Capital and Arcadia Funds. This funding was intended to expand sales and marketing, build partnerships, and extend its customer coverage. However, according to PitchBook data, the company is now listed as 'Out of Business' as of February 2024.