Payability is an American FinTech company based in New York City. Payability provides finance solutions[buzzword] to suppliers of digital marketplaces. Payability’s platform integrates with digital marketplaces, most notably Amazon’s. The company offers customers invoice factoring: It purchases suppliers’ accounts receivable, allowing suppliers to get paid for their sales on an expedited schedule.
- Scott Lynn and Keith Smith founded Payability in 2014.
- According to Smith, the idea for Payability came when he saw a recurring pain point for the suppliers of online marketplaces like Amazon: Marketplaces often withhold payments from sellers for a number of weeks, creating cash flow challenges for suppliers.In a 2015 interview, Smith pointed out that being unable to access cash from their sales frustrates sellers and limits their ability to replenish inventory or fund marketing campaigns.
- Payability began working with mobile app developers in 2015.In 2016 the company expanded to focus on Amazon sellers and vendors on other online marketplaces.
- In August 2016, Payability partnered with Amazon Launchpad to offer financing for startups through Amazon Launchpad Services Hub.
- In 2018, Payability launched an online business debit card for the sellers
Smith is the founder of BigDoor, a gamification startup that he exited in 2014. He founded two other companies, CyberMortgage and Zango.
Lynn is the founder of advertising technology company AdKnowledge.
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