Paymerang establishes presence in Southwest Virginia to expand its workforce strategy
~ The second company participating in LPRIFA’s Project Fuse, Paymerang retains coworking space in revitalized downtown Big Stone Gap building ~
Big Stone Gap — Paymerang, a B2B payment and invoice automation company based in Central Virginia, seeks to expand its client base both in the Commonwealth and nationally and to use an operating model that includes the dedicated workforce in Southwest Virginia. The company’s announcement today validates Project Fuse, the economic development initiative created by the Lonesome Pine Regional Industrial Facilities Authority (LPRIFA) and InvestSWVA in 2021 to define a modern workplace model. InvestSWVA worked with Paymerang and its parent company Aldrich Capital Partners on this expansion in Big Stone Gap’s downtown coworking space, further validating the Fuse Model.
Paymerang recently expanded its physical location in Chesterfield County and initially plans to hire up to 50 employees in its Wise County location. The employees will engage in software development and payment operations for Paymerang’s nationwide client base, making an impact on accounts payable automation across the country. Paymerang will specifically seek to expand its talent within the AWS cloud infrastructure space.
Since 2018, Paymerang has grown from 27 to 200 employees, expanding company operations, new product development, sales and marketing. In helping to transform the finance departments of both private and public institutions, Paymerang supports clients in their efforts to save time and money while protecting the integrity of their payments. The company is committed to investing in the success of its employees, driving a culture of collaboration, career growth, flexible hours, and unique benefits.
FinTech firm Paymerang announced it is expanding operations to Big Stone Gap, Virginia. CEO Nasser Chandra worked with InvestSWVA to set the model for a distributed workforce strategy, integrating the company's Richmond and Southwest Virginia operations. Photo by Earl Neikirk
“We are very pleased to arrive in southwestern Virginia through our presence in Big Stone Gap,” said Paymerang CEO, Nasser Chanda. “We are fully committed to an expansion strategy that includes a distributed workforce, because it enables us to sustain our on-site operations in Chesterfield County while benefiting from an expanded team location to bolster business continuity. Southwest Virginia is the perfect location for us to test and refine this strategy, and we are thrilled to be part of the region’s economic story.”
In 2018, Virginia-based Aldrich Capital Partners became the parent company of Paymerang, providing support for business expansion and development. Aldrich Capital Partners supports disruptive innovation in healthcare IT, fintech, and application software by investing equity capital in privately held growing companies. Founded by serial entrepreneurs and investors, Aldrich Capital brings its portfolio companies strategic guidance and a broad set of relationships that enable them to reach their growth potential. Aldrich Capital is committed to supporting entrepreneurs in geographies outside traditional investment hot spots, where Aldrich believes fundamentally sound businesses can be built and communities can be positively impacted.
“Four years ago, we invested $26 million in Paymerang, our largest investment in a Virginia company at that time, and last year, we invested another $10 million,” said Mirza Baig, Managing Partner of Aldrich Capital Partners. “We are most pleased that both Paymerang and eHealth Technologies, also a member of our portfolio, are finding success in business expansion to the Southwest Virginia region. As the entrepreneur behind the entrepreneurs, Aldrich Capital Partners is delighted to help grow companies like Paymerang, to the benefit of all stakeholders, including our friends and neighbors in Virginia’s Southwest.”
“Distributed work environments offer new opportunities for Southwest Virginia’s economy,” said U.S. Congressman Morgan Griffith. “I applaud Paymerang for locating a hub in Big Stone Gap and providing 50 job opportunities in the area connected to the company’s Central Virginia headquarters. It will help pave the way for further economic growth in our region.”
“It is a pleasure to welcome Paymerang to Big Stone Gap,” said First District Delegate Terry Kilgore, Majority Leader of the Virginia House of Delegates and InvestSWVA co-chair. “We are working to make all of Virginia the destination of choice for business and our rural areas are ready to be part of the story. I applaud Paymerang for joining us in Southwest Virginia and fully expect Paymerang to shine as a global business success story.”
“Paymerang joins a constellation of companies that sees the strengths of building a presence in rural America,” said 40th District State Senator Todd Pillion, InvestSWVA co-chair. “It is important to note that as a technology firm, Paymerang is on the cutting edge of helping its clients perform better and more securely, freeing employees to focus on relationships, not just tasks. This is the story of Virginia’s Southwest, too: pioneering new solutions to business challenges while supporting quality of life.”
“We have great momentum in our region, and it is terrific that Paymerang is joining us here,” said Fifth District Delegate Israel O’Quinn, Deputy Majority Leader of the Virginia House of Delegates and InvestSWVA co-chair. “The workforce in Southwest Virginia is open to new opportunities and new challenges, and Paymerang will find a strong talent pool here.”
“Southwest Virginia extends a hearty welcome to Paymerang,” said 38th District Senator Travis Hackworth. “Our region is showing companies the world over that we look forward to working and growing with them.”
The Lonesome Pine Regional Industrial Facilities Authority (LPRIFA), which includes the City of Norton and the Counties of Dickenson, Lee, Scott and Wise, sponsored Project Fuse. The LPRIFA, which provides an economic development device for enabling localities to collaborate and pool their resources around business attraction and retention, teamed up with the economic development campaign InvestSWVA to examine telework shifts and the opportunity created for the LPRIFA localities and their distinct advantages. Other sponsors of the project include GO Virginia Region One, which represents thirteen counties and three cities in Virginia’s Southwest, and the U.S. Economic Development Administration.
“We’re excited to see Paymerang arrive in Southwest Virginia,” said Duane Miller, Executive Director of the LENOWISCO Planning District Commission and chief sponsor of Project Fuse. “This validates the research showing that our localities are well-positioned to offer modular space and workers to vibrant companies. Moreover, Paymerang’s decision to join us here sends a message that our communities are in a geographic sweet spot for companies and workers alike. In simple terms, we’re not just recruiting companies, we’re also recruiting people.”
“Big Stone Gap welcomes Paymerang to our downtown community,” said Steve Lawson, Big Stone Gap Town Manager. “Our mission is to connect our tradition of a positive quality of life – abundant in the arts, education and recreation – to a contemporary experience that appeals to all kinds of companies, especially entrepreneurial firms in every sector. Paymerang will find great employees in Wise County who will thrive in Big Stone Gap’s coworking space.”
The Virginia Tobacco Region Revitalization Commission previously awarded the Town of Big Stone Gap a $250,263 grant in 2019 to develop the town’s coworking space in what was the Mutual Pharmacy Building.
“Paymerang is a welcome addition to the company roster of Virginia’s Southwest,” said Will Payne, Managing Partner of Coalfield Strategies and business development lead for InvestSWVA. “Nasser Chanda’s choice of our region indicates two things. First, that Paymerang is a contemporary company wide open to including all types of employees who can serve the company’s clients. And second, Nasser is showing that there is business to be had by software companies looking to penetrate both rural and urban client bases. For the campaign that is InvestSWVA, this signifies traction in establishing our region as a haven for companies expanding their workforces in rural locations. The first chapter was eHealth Technologies in 2020, which served as the case study. The second was the Project Fuse Playbook in 2021, which articulated the business model. The third chapter is Paymerang, which now validates the model and will inspire other companies to root here, too.”
To learn more about LPRIFA’s Project Fuse and how localities are preparing for companies using hybrid workplace strategies, visit https://www.investswva.org/project-fuse.
ABOUT PAYMERANG
Paymerang offers award-winning accounts payable automation solutions to clients around the country in education, healthcare, manufacturing, services, government and beyond. Through its unique simplicity, Paymerang enables clients to automate their invoice approval and posting process and pay all their vendors electronically with a single payment file. By handling the entire accounts payable process, Paymerang provides enhanced visibility, efficiency, security, and financial rewards. Visit Paymerang for more information.
ABOUT ALDRICH CAPITAL PARTNERS
Aldrich Capital Partners (ACP) supports disruptive innovation in healthcare IT, fintech, and application software by investing equity capital in privately held growing companies. Founded by experienced investors and operators, who were also successful entrepreneurs, the founders of Aldrich Capital have been responsible for over $1 billion in technology investments since 1999. Both an operations partner and board-level advisor, ACP brings its portfolio companies strategic insight and access to a broad network of relationships built over 50 combined years of entrepreneurship and investing. Aldrich Capital Partners was founded in 2014 and has offices in Silicon Valley and the Washington, DC metro area. Learn more at www.aldrichcap.com.
ABOUT LENOWISCO
The LENOWISCO Planning District Commission serves the Counties of Lee, Wise, Scott and the City of Norton. It is one of 21 such districts in the Commonwealth of Virginia, facilitating local government collaboration and implementing public policies and services. For more information, visit LENOWISCO.
ABOUT LPRIFA
The Lonesome Pine Regional Industrial Facilities Authority (LPRIFA) was established in 2019 under authorization of Virginia Code Section 15.2-6400. Member localities of the LPRIFA include Dickenson County, Lee County, City of Norton, Scott County, and Wise County. The authority provides a mechanism enabling far Southwest Virginia localities to capitalize on the strength of collaboratively working together and engaging in revenue sharing for regional projects. The purpose of the LPRIFA is to develop and enhance infrastructure, programs, and initiatives that diversify economic development and job creation opportunities for the region. For more information, visit LPRIFA.
ABOUT INVESTSWVA
InvestSWVA is a public-private business research, attraction and marketing campaign for Southwest Virginia launched under the umbrella of the Virginia Tobacco Region Revitalization Commission and backed by private industry. Visit InvestSWVA to learn more.
