Payability
Payability is an American FinTech company based in New York City. Payability provides finance solutions 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.
History
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.
Founders
Smith is the founder of BigDoor, a gamification startup that he exited in 2014. He was previously the founder of two other companies, CyberMortgage and Zango.
Lynn is the founder of advertising technology company AdKnowledge.