GrowthWorks WV Management Ltd.

GrowthWorks WV Management Ltd.

August 10, 2007 12:54 ET

GrowthWorks Managed Fund Invests in Paymentus Corporation.

MARKHAM, ONTARIO--(Marketwire - Aug. 10, 2007) - Paymentus Corporation, an electronic bill payments service provider, announced today that it has secured $3.6 million in funding from a syndicate of leading Canadian venture capital investors. The syndicate is led by JLA Ventures, based out of Toronto and GrowthWorks Canadian Fund and GrowthWorks Commercialization Fund, also based out of Toronto. The financing will be used to further accelerate the company's marketing and product development activities.

"We have built a great platform and a strong base of major customers who we believe are getting tremendous benefits from our service," said Dushyant Sharma, Chief Executive Officer and Founder of Paymentus. "We have grown 100% in the last quarter alone. Our service is in great demand and this investment will allow us to accelerate our growth further. We are also very excited about working together with GrowthWorks managed funds and JLA Ventures, not only because they are two of the most reputed venture partners but also because they bring teams with phenomenal experience in the high-tech and web services industries."

Paymentus is revolutionizing the way consumers pay their bills and the way billing companies - such as utilities, telecom service providers, financial services firms and retail companies - process incoming bill payments. The majority of online bill payment systems today offer limited funding methods (bank chequing accounts only), take up to five days to process payments, and are expensive for billing companies to operate. Paymentus is commercializing a patent-pending network which allows billers and banks to offer their customers a broader variety of funding methods including credit cards, debit cards and electronic cheques.

"JLA Ventures is delighted to be part of this financing," said Rick Segal, partner at JLA Ventures. "Dushyant and his team have signed major customers across North America and are on a growth trajectory that exceeds our original forecasts. We look forward to a successful relationship."

"We initially invested in Paymentus at the seed stage in early 2006 because we were impressed by the company's management team and market opportunity," said Tim Lee, Senior Vice President, Investments with GrowthWorks(i). "Our follow-on investment further demonstrates our commitment to the financing of promising, early-stage technology companies and to working with strong funding partners like JLA Ventures."

Paymentus is based in Markham, Ontario and is led by serial Canadian entrepreneur, Dushyant Sharma, who is a recognized leader in the North American electronic bill presentment and payment industry. Prior to founding Paymentus, Sharma successfully co-founded, built and sold another VC-backed payments business in 2001.

About Paymentus Corp.

Founded in 2004, Paymentus is championing the real-time paradigm in the bill payment industry. Paymentus provides a secure, universally accessible payment network that allows consumers to pay any billing company (e.g. utilities, telecom service providers, financial services firms and retail companies) in real-time using any funding method, including credit cards, debit cards and electronic cheques. For more information about Paymentus please visit

About GrowthWorks

GrowthWorks™ managed funds provide investment capital for Canadian companies and tax-advantaged investment opportunities for Canadian investors. GrowthWorks manages over $800 million in assets through the Working Opportunity Fund (EVCC) Ltd., GrowthWorks Atlantic Venture Fund Ltd., GrowthWorks Commercialization Fund Ltd. and GrowthWorks Canadian Fund Ltd. GrowthWorks identifies, analyzes and structures investments in companies with high growth potential. Particular emphasis is placed on IT, Life Sciences and Advanced Manufacturing sectors. Building on over 15 years of investment expertise, GrowthWorks is a leader in Canadian retail venture capital management. For more information please visit

Note: The Paymentus name and the Paymentus logo are the property of Paymentus Corporation. All other brands, trademarks or service marks are the property of their respective holders.

(i) GrowthWorks refers to affiliates of GrowthWorks Ltd. and includes: GrowthWorks Capital Ltd, manager of the Working Opportunity Fund (EVCC) Ltd.; GrowthWorks WV Management Ltd., manager of GrowthWorks Canadian Fund Ltd. and GrowthWorks Commercialization Fund Ltd.; and GrowthWorks Atlantic Ltd., manager of GrowthWorks Atlantic Venture Fund Ltd. GrowthWorks is a registered trademark of GrowthWorks Capital Ltd.

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