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Electronic billing platform Paymentus files for an estimated $250 million IPO

April 30, 2021

Paymentus Holdings, an electronic billing platform provider, filed on Friday with the SEC to raise up to $100 million in an initial public offering. However, the deal size is likely a placeholder for an IPO we estimate could raise $250 million.

Paymentus provides flexible and secure electronic bill payment solutions through an omni-channel payment infrastructure that allows consumers and businesses to pay bills using their preferred payment type and channel. As of December 31, 2020, the company had approximately more than 1,300 business clients (its billers), and its platform was used by approximately 16 million consumers and businesses in North America to pay bills and engage with these billers.

The Redmond, WA-based company was founded in 2004 and booked $302 million in sales for the 12 months ended December 31, 2021. It plans to list on the NYSE under the symbol PAY. Paymentus Holdings filed confidentially on February 12, 2021. Goldman Sachs, J.P. Morgan, BofA Securities, Citi, Baird, Nomura Securities, Raymond James and Wells Fargo Securities are the joint bookrunners on the deal. No pricing terms were disclosed.