Square 1 Bank provided a $1.5 million credit facility to new client Payzer, a mobile and cloud-based financial tool. Proceeds from the facility will be used to fund the launch of new SaaS and transactional products.

Charlotte, NC-based Payzer helps contractors grow and manage their businesses by enabling them to close sales and collect payments in the field.

“Payzer has experienced a tremendous amount of growth in the past two years,” said Joe Giordano, co-founder and CEO of Payzer. “This partnership with Square 1 will enable our company to innovate and expand our team while continuing to provide first-class service to our customers.”

Patrick Cahill, vice president in Square 1’s technology banking practice, added, “Payzer has a strong group of founders and investors who have experienced significant momentum in the fintech and payment industries. We are excited to partner with their team as they transform the way contractors and subcontractors conduct business and streamline the payment process in a historically paper-heavy industry.”