# SnapPays Mobile

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/snappays-mobile

- Industry: Software
- Headquarters: Los Angeles, US
- Website: www.papayapay.com
- Total disclosed funding: $67M
- Latest round: Series B (Jun 23, 2021)
- Investors on record: 13

## About

SnapPays Mobile, Inc., based in California, US, provides a digital payment solution that simplifies billing processes, particularly for healthcare and various service sectors, enhancing cash flow and user experience.Founded in 2016 in Los Angeles, US, SnapPays Mobile, Inc. operates in the digital payment space, specializing in streamlining billing for clients in healthcare and other sectors. The company was established by Jason Meltzer, Kush Sodhia, and Patrick Kann, with Kush Sodhia currently serving as CEO. SnapPays has secured a total of USD 50.63 mn from its latest funding round, the SERIES B, led by Bessemer Venture Partners on June 23, 2021, bringing the total amount raised to USD 50.63 mn and the current company valuation to USD 268.902 mn.Papaya offers a digital payment solution designed to streamline billing and enhance cash flow for various sectors, with a strong focus on healthcare practices. The core service allows consumers to pay bills effortlessly through a camera-enabled feature, enabling them to scan a QR code on their statements and complete transactions without needing an app, account, or login. This approach addresses the complexities of traditional billing methods, reducing paperwork and improving efficiency. Papaya's client base includes healthcare providers, municipalities, utilities, and various business service sectors, primarily within the United States, where over 2.5 million Americans have used the platform to pay their bills. The company's solutions are tailored to improve payment collections, enhance user experience, and maintain compliance with PCI and HIPAA regulations.Papaya operates on a transaction-based revenue model, deriving its primary income from processing payments through its platform. The company facilitates direct-to-consumer transactions, allowing clients to efficiently collect payments from their end-users. Clients benefit from faster payment cycles, enhancing their cash flow. Specific pricing structures for Papaya’s services are not disclosed, but clients typically pay a fee per transaction or a subscription-based fee for access to the platform. This model accommodates businesses of varying sizes, from small healthcare practices to larger municipal organizations, ensuring scalability and accessibility across diverse markets.In June 2021, SnapPays Mobile, Inc. raised USD 50.63 mn in SERIES B funding, led by Bessemer Venture Partners, to expand its team, forge additional partnerships, and continue building its technology. The company plans to launch new products designed to further streamline payment processes and is targeting expansion into new markets across the United States by the end of 2023.

## Funding rounds

- Series B, Jun 23, 2021, $51M — Hong Shan, Bessemer Venture Partners, F-Prime Capital, Mucker Capital, Sound Ventures, Fika Ventures, 01A, Acrew Capital
- Series A, Dec 3, 2018, $11M — Hong Shan
- Seed, Jan 26, 2018, $4.2M — SVB Capital, First Round Capital, F-Prime Capital, Fika Ventures
- Seed, Jun 1, 2016, $1.1M — Mucker Capital, Graph Ventures, Clocktower Technology Ventures, Mount Wilson Ventures

## Investors

- Mucker Capital (https://capitalatlas.ai/funds/mucker-capital) — Seed, Series B
- Graph Ventures (https://capitalatlas.ai/funds/graph-ventures) — Seed
- Clocktower Technology Ventures (https://capitalatlas.ai/funds/clocktower-technology-ventures) — Seed
- Mount Wilson Ventures (https://capitalatlas.ai/funds/mount-wilson-ventures) — Seed
- SVB Capital (https://capitalatlas.ai/funds/svb-capital) — Seed
- First Round Capital (https://capitalatlas.ai/funds/first-round-capital) — Seed
- F-Prime Capital (https://capitalatlas.ai/funds/f-prime-capital) — Seed, Series B
- Fika Ventures (https://capitalatlas.ai/funds/fika-ventures) — Seed, Series B
- Hong Shan — Series A, Series B
- Bessemer Venture Partners (https://capitalatlas.ai/funds/bessemer-venture-partners) — Series B
- Sound Ventures (https://capitalatlas.ai/funds/sound-ventures) — Series B
- 01A (https://capitalatlas.ai/funds/01a) — Series B
- Acrew Capital (https://capitalatlas.ai/funds/acrew-capital) — Series B