SOURCE: PromisePay

PromisePay

August 24, 2015 11:00 ET

PromisePay Appoints Doug Wilber to Help Address the On-Demand Marketplace Payments Problem

Fintech Veteran Joins Managed Payments Platform Provider as President, North America

ST. LOUIS, MO--(Marketwired - Aug 24, 2015) - PromisePay, the fully managed payments platform for online marketplaces and the sharing economy, today announced the appointment of Doug Wilber as President, North America. Wilber is a senior mentor at the fintech accelerator, SixThirty, and will be charged with driving PromisePay's already rapid growth following successful tenures as Chief Revenue Officer for PYMNTS.com and numerous executive roles leading product development and partnership initiatives at Discover Financial Services.

As on-demand services and marketplaces continue to proliferate, the industry requires a full stack solution to solve the compliance, payment and privacy challenges. As opposed to simple payments products, PromisePay provides a complete platform, incorporating risk, fraud, and chargeback protection, end user payments support, onsite seller onboarding, and customizable fees. As head of the North American business, Wilber will head PromisePay's expansion and growth efforts in the largest on-demand economy in the world.

A fintech and payments expert, Wilber has deep experience and knowledge of online marketplaces and the payments industry, having worked to both launch and grow an array of the most promising fintech startups in addition to his industry networks via Discover and PYMNTS.com.

Doug Wilber commented: "When I first came across PromisePay, I was beyond impressed with the founders, the technology and their ambitious vision for solving the payments challenges many companies face today. I couldn't be more humbled and excited to become an integral part of the team, especially during this stage of hyper growth."

"In an online and mobile world, billions of transactions are now flowing through marketplaces everyday, from Ebay and Amazon to Airbnb and Uber, and PromisePay is the ultimate platform for making those transactions safe, fast and easy. We are only at the beginning of this massive trend, and PromisePay is one of the few companies I have seen that's built for the next stage of online and mobile commerce. It will be a giant killer and I'm thrilled to be part of a company that will be instrumental in shaping the future economy."

Marketplaces have a unique challenge of connecting buyers and sellers who don't know or trust each other while managing the nuances of tax, commissions, fees and merchant payments. For these marketplaces, PromisePay becomes the central platform that not only powers payments, but provides escrow, fraud management, identity verifications, end user support, and dispute resolution which all build trust in the marketplace.

PromisePay co-founder and CEO, Simon Lee added: "Doug is an experienced, ambitious, and exceptionally well connected leader in the payments space. Having worked closely with PromisePay at SixThirty, he naturally grasped the scale of what we're trying to achieve and brings his valuable network to ramp our growth in the States. We're excited about his contribution to our plans to become the world's number one payments platform for marketplaces."

Wilber joins PromisePay following a $2M capital raise in July from major fintech and startup investors including Cultivation Capital; Mark Harbottle, co-founder of 99designs; Australian tech VC fund rampersand; and Reinventure, to accelerate its growth and scale the company which is powering the platforms of the sharing economy -- marketplaces. Wilber will seek to continue PromisePay's stellar growth and support its rapidly expanding customer base. PromisePay is on track to grow its revenue by 1000%+ this year with dozens of marketplaces in the US and Australia having committed to using to the PromisePay platform during the past 3 months.

About PromisePay
PromisePay is the world's most sophisticated, fully managed payments platform built just for online marketplaces. Since 2013, PromisePay's purpose has been to help online marketplace communities safely buy and sell the things they love, want, and need. Today, over 17,900 users from over 150 countries use PromisePay to transact on U.S. and Australian marketplaces. PromisePay is headquartered in Melbourne, Australia with offices in San Francisco, CA, and St. Louis, MO. For more information, visit www.promisepay.com

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