MIAMI, Jan. 27, 2022 /PRNewswire/ -- Global Paytech
Ventures (GPT) today announced its recent investment in PeachPay
whose technology enhances the customer checkout experience and
helps merchants overcome cart abandonment.
PeachPay's one-click checkout experience helps online merchants
reduce shopping cart abandonment.
Cart abandonment is a significant problem for eCommerce
businesses. According to Baymard Institute, the average rate of
cart abandonment is approximately 69%. PeachPay aims to
significantly reduce this by providing shoppers with a
frictionless, one-click checkout experience.
For first-time users, PeachPay's plugin generates a simple
checkout form solely for one-time use. The next time shoppers come
across PeachPay, no matter which WooCommerce site they are on, they
can purchase with a single click.
"GPT is excited to invest in PeachPay because they offer a
cutting edge, best-in-class user experience. Plus, their ability to
scale through WordPress presents tremendous value," said
Javier Perez, GPT's Founder and
Managing Partner.
PeachPay launched in January 2021
and by April the startup signed a partnership with WooCommerce, the
e-commerce provider for WordPress-powered sites. WooCommerce and
WordPress.com are both owned by Automattic, valued at $7.5 billion in 2021.
"We're starting out with WooCommerce not just because it's the
biggest eCommerce platform by market share, but because we've been
members of the community for years and there is [close] alignment
between our mission and the WooCommerce team's mission [to
democratize commerce]," said Aaryaman Anerao, CEO of PeachPay.
Anerao added, "It's really important to us to get things right,
and we want to get to a point where installing PeachPay is a
no-brainer for each and every WooCommerce store owner."
Businesses interested in implementing PeachPay can sign up at
https://peachpay.app/get
PeachPay was cofounded by Chief Growth Officer David Mainayer, CEO Aaryaman Anerao and Chief
Technology Officer John Jago. After
a cumbersome checkout experience on a small retailer's new online
store and further eCommerce research, the team identified a common
problem — manually entering payment and shipping details at
checkout was a primary reason why shoppers weren't completing their
purchases.
"We landed on something we can execute and something that we're
actually well-qualified to do, which was targeting WooCommerce
stores with a one-click-checkout solution," Mainayar said.
Already live with more than 400 merchants, Peachpay's
integration with WooCommerce will allow their technology to reach
millions of prospective merchant customers.
Mainayar believes the PeachPay team is in the right place at the
right time — "It's time for something new, and it's time for
something simpler," Mainayar said. "And it's long overdue,
frankly."
About Global Paytech Ventures (GPT)
Global Paytech Ventures (GPT) is a venture capital firm that
invests in early stage paytech companies that are looking to raise
seed, Series A, or Series B round funding. GPT is lead by
Javier Perez and his sons,
Daniel Perez and Kristofer Perez — each have extensive payments
industry expertise. GPT was founded by Javier Perez, who spent 25 years at Mastercard,
including 15 years as president of Mastercard Europe. Under Perez's
leadership, Mastercard Europe was recognized as the leader in
payments technology innovation. GPT helps paytech companies achieve
global success through their unrivaled paytech ecosystem expertise
and their comprehensive network of industry contacts.
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SOURCE Global PayTech Ventures