$3.25 Million Seed Round Completed

Payment Labs, a fintech company headquartered in Van Nuys, California, has raised $3.25 million (approximately 4.3 billion won) in seed funding. This represents a 62% oversubscription from the initial target of $2 million.

The round was led by Aperture Venture Capital, a Philadelphia-based venture capital firm, with participation from Capital Eleven of Boise, Idaho, and ESPMX of Mexico.

A New Approach to Global Payment Markets

Payment Labs has developed a SaaS (Software-as-a-Service) platform specialized in cross-border payment processing. Co-founders and co-CEOs Han Park and Ronak Desai built this platform to address the unique payment needs of the esports industry.

Esports organizations faced challenges paying prize money to gamers scattered across the globe while complying with complex tax regulations in each country. Payment Labs' platform currently processes global payments in over 150 currencies, ensuring both speed and tax compliance.

Expanding into Sports and Creator Economy

Payment Labs already collaborates with sports organizations such as X Games and the Association of Volleyball Professionals, and has established partnerships with major technology companies including Microsoft and Japanese game developer Sega.

CEO Han Park stated, "Our goal is to become the go-to payment solution provider in the high-growth industries we currently serve—sports, video games, and the creator economy."

The company plans to use the funding to expand its sales and marketing teams. This summer, they brought on Paul Brewer as Vice President of Sales and Sports Partnerships, who previously held revenue leadership roles at The Sporting News, Rival, and Electronic Sports League (now ESL).

Confidence in the Fintech Investment Market

Garnet Heraman, General Partner at Aperture VC, commented, "The Payment Labs leadership team has demonstrated the ability to rapidly convert vision into value. We anticipate tremendous growth potential alongside the evolution of global sports competition, NIL (Name, Image, Likeness), and the creator economy."

By simplifying complex global payment infrastructure, Payment Labs is creating new payment standards for the digital economy.