Austin-based Vyze raises $13 million for growth

Stock photo of money
Stock photo of money

Austin software company Vyze has raised $13 million to continue its growth, the company said.

The funding round was led by Austin Ventures and New York-based StarVest Partners, and brings Vyze’s total venture funding raised to $35 million, the company said. The new funding will be used to expand into additional markets and add product lines, the company said.

"We're building a unique company here in Austin that will help both retailers and lenders unlock the full potential of their businesses. Our goal is to help businesses provide the financing consumers need to buy the products they want, when they want them," Vyze CEO Keith Nealon said in a written statement. "Investments like these enable us to grow and create better solutions to meet the challenges merchants and lenders are facing today."

Vyze's software helps retailers save sales by providing customers with financing alternatives at the register or during an online transaction.

The software works by integrating with a retailer's point of sale system in order to determine financing alternatives. The options include nonbranded credit cards, installment loans and lease purchase options, and are presented to shoppers as they make their purchases.

"What's exciting about Vyze is the huge potential for growth," Chris Pacitti, general partner with Austin Ventures, said in a written statement. "There's a huge need for financing solutions among retailers as well as manufacturers, and those needs will continue to grow as consumers increasingly turn to online and mobile platforms when researching and buying products."

The company was founded as NewComLink in 2008 by Suneet Paul and Jim White, both veterans of the retail financial services industry. It changed its name from NewComLink to Vyze in April.