Companies · Other

OnPay, Inc.

ATLANTA · Other

Diligence memoA one-page analyst read on OnPay, Inc. — recommendation, valuation, rhythm, risks.
$59.3M
Total raised · real
2
Rounds
1.0×
Latest step-up
Top 7%
Sector rank · raised
Series C
Latest stage · inferred · Tue Aug 06 2024 00:00:00 GMT+0000 (Coordinated Universal Time)

OnPay, Inc. looks fair against its niche peers and is at-risk on financing cadence.

Synthesized from the figures below est. — every claim rests on a number shown on this page.

Analyst read est. — computed against this company's niche peers in the same era. Inputs shown; not a quoted figure.

Fair
  • Modeled value is 0.76× the median modeled value of Series C Other companies in 2022–2024 (192 peers) — value vs value, same stage and era.
  • Within the normal band (76% of peer median) for its niche.
At-risk
  • Last raise 23 mo ago; this sector typically re-raises about every 11 months.
  • Past due for a raise versus sector cadence — watch for distress or a bridge.
Leadership

No named principal in this company's public records yet — see all operators below.

Explore how these operators interlock with other companies in the operator network.

Where it sits in Other

OnPay, Inc. is one of 25008 Other companies tracked from ATLANTA. By capital raised it ranks among the largest (ahead of 94% of sector peers), and among the largest by modeled valuation est..

Ranking is computed against this company's own sector cohort — reported capital is fact; valuation tiers are modeled.

As reported in public records reported — not modeled.

US
Jurisdiction
Rule 506(b)
Reg D exemption
7
Investors (latest)
2024-08-06
First sale
Amount raised vs valuation, by round

Solid bars are reported offering amounts reported; hatched bars are the modeled post-money valuation est. — both on one shared scale so you can read raise-vs-worth at each round directly. Use the toggles to overlay data labels and the niche-peer / market average value lines.

Amount raised · realModeled valuation · estCumulative funded · real
$0$125M$250M$375M$500MSeries A · 2018-12-18 Raised $5.9M (real) Modeled valuation $90M (est)$5.9M$90MSeries A2018Seed · 2018-12-18 Raised $1.4M (real) Modeled valuation $26M (est)$1.4M$26MSeed2018Series C · 2024-08-06 Raised $53M (real) Modeled valuation $405M (est)$53M$405MSeries C2024Series C · 2024-08-06 Raised $53M (real) Modeled valuation $405M (est)$53M$405MSeries C2024+$1.4M+$53M+$53MCumulative $114M

The line shows cumulative reported funding over the period; + labels show new capital added between points when there is room. Toggle on-bar figures, plus the niche-peer and market averages, to read this company against its cohort. Benchmarks are modeled medians.

Financing ladder & sequence gaps
Series A$5.9M · 2018
Bridge · Series A-stage$1.4M · 2018smaller follow-on
Series C$53.4M · 2024no Series B on file
Series C extension$53.4M · 2024

Stages are modeled from round size (public records carry no series label). No record for: Pre-Seed, Series B — the company may have raised it under a different exemption, merged it into an adjacent record, or skipped it. Sequence completeness: 60%.

Modeled valuation trajectory
$405.0M
Base estimate est.
$206.4M
Conservative case
$606.9M
Upside case
$355.8M
Modeled post-money

Round size and date are reported; the stage label is inferred from round size (latest is Series Ca $40M–$100M round). Valuation is modeled from stage benchmarks. Directional, not a quoted figure.

Series A · modeled $89.9M · 2018-12-182018Seed · modeled $26.0M · 2018-12-18Series C · modeled $405.0M · 2024-08-06Series C · modeled $405.0M · 2024-08-062024
Model inputs · modeled:benchmark-stage-stepup-v1
15%
Dilution assumption
Implied ownership sold in the financing.
78%
Survival probability
58% low · 90% high
1.22×/yr
Annual markup
1.40×/yr upside case
1.9 yr
Elapsed time used
1.9 yr actual, capped for stale marks
general
Sector profile
Adjusts growth and survival by industry.
Financing rhythm
23 mo
Avg between rounds
$10.5M/yr
Capital velocity
7.5 yr
On record since
2018
First round
4
Rounds on file
How it compares to the market

Benchmarked against 25008 companies in Other. Each bar is a median (the middle company, not an average — outliers don't skew it). Two yardsticks: real money raised (reported on Form D) and modeled value (our estimate est.). These are whole-sector medians across all stages, except the per-stage row.

Total raised — vs sector median (real $, all stages) 29× above median
This company$59.3M
Sector median$2.0M
Latest round — vs other Series C rounds in sector (real $, this stage) 1.1× above median
This company$53.4M
Sector median$50.0M
Modeled value — vs sector median (estimate, all stages) 23× above median
This company$405.0M
Sector median$17.7M

Raised more than 94% of sector peers (real $). Modeled value above 93% of peers (estimate).

Niche peers — same stage & era

A tighter cohort than the sector chart above — only companies at the same stage (Series C) that last raised in the same ~3-year era, ranked by modeled value est. (not money raised). This is the exact set the analyst read compares against, so a like-for-like cohort is what makes "over/under-valued" meaningful. This company ranks #129 of 192.

This companyCohort peer
$100.0M$1.0B$10.0B$10.0M$100.0M$1.0BCapital raised (log)Wild Type, Inc. · Series C Raised $115.6M · modeled $1.2B (est)Thingy Thing Inc. · Series C Raised $118.4M · modeled $1.2B (est)Intelycare, Inc. · Series C Raised $142.1M · modeled $1.2B (est)CertiK Global Ltd. · Series C Raised $233.4M · modeled $1.1B (est)Ivanhoe Electric Inc. · Series C Raised $157.6M · modeled $1.0B (est)Social Life Network, Inc. · Series C Raised $202.1M · modeled $1.0B (est)Ecoark Holdings, Inc. · Series C Raised $109.6M · modeled $1.0B (est)Marcella Golf Club LLC · Series C Raised $100.0M · modeled $1.0B (est)IAFD Holdings, LP · Series C Raised $88.4M · modeled $998.9M (est)CRB Topco LLC · Series C Raised $98.7M · modeled $995.4M (est)Alera Group Ultimate Holdings, LLC · Series C Raised $100.0M · modeled $992.9M (est)Redwire Corp · Series C Raised $80.8M · modeled $971.2M (est)OnPay, Inc. (this company) Raised $59.3M · modeled $405.0M (est)OnPay, Inc.
CompanyStageRaised · realValue · estvs peer med.
Wild Type, Inc.Series C$115.6M$1.2B2.33×
Thingy Thing Inc.Series C$118.4M$1.2B2.26×
Intelycare, Inc.Series C$142.1M$1.2B2.20×
CertiK Global Ltd.Series C$233.4M$1.1B2.00×
Ivanhoe Electric Inc.Series C$157.6M$1.0B1.95×
Social Life Network, Inc.Series C$202.1M$1.0B1.91×
Ecoark Holdings, Inc.Series C$109.6M$1.0B1.88×
Marcella Golf Club LLCSeries C$100.0M$1.0B1.88×
IAFD Holdings, LPSeries C$88.4M$998.9M1.87×
CRB Topco LLCSeries C$98.7M$995.4M1.86×
Alera Group Ultimate Holdings, LLCSeries C$100.0M$992.9M1.86×
Redwire CorpSeries C$80.8M$971.2M1.82×
OnPay, Inc. this companySeries C$59.3M$405.0M0.76×
Full financing history

Stage is inferred from round size est., not reported on the filing — a round's dollar size maps to a bucket: Pre-Seed <$1.0M · Seed $1.0M–$4.0M · Series A $4.0M–$15M · Series B $15M–$40M · Series C $40M–$100M · Series D+ $100M–$400M · Growth/Late >$400M.

StageAmount · realAnnouncedPost-money · estValue · estConf.
Series A$5.9M2018-12-18$27.0M$89.9M90%
Seed$1.4M2018-12-18$7.0M$26.0M90%
Series C$53.4M2024-08-06$355.8M$405.0M90%
Series C$53.4M2024-08-06$355.8M$405.0M90%
What happened at each round

Step-up, pace versus the sector's normal cadence, and revenue/exemption moves — read straight from the reported round facts reported.

  1. Series A$5.9M2018-12-18
    • First recorded raise — entered as Series A.
    • 33 investors on this round.
  2. Seed$1.4M2018-12-18
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round 4.2× smaller than the prior — bridge or down round.
    • 6 investors on this round.
  3. Series C$53.4M2024-08-06
    • Raised again after 68 mo — slower than the ~11 mo sector norm.
    • Round 38.1× larger than the prior — scaling up.
    • 7 investors on this round.
  4. Series C$53.4M2024-08-06
    • Filed alongside the prior round (same month) — likely a tranche or amendment.
    • Round roughly the size of the prior one.
    • 7 investors on this round.
Intelligence
2026 ~Q2
Modeled next raise · ~23mo cadence
$53.4M
Modeled next size est.range $53.4M$85.4M
1.0×
Last step-up
$10.5M/yr
Capital velocity

Predictive signals are modeled est. from this company's own cadence and step-up, plus sector benchmarks — directional, not advice. Peer set and a CSV export live in your analyst workspace.

Key people & operators

Officers, directors and promoters named in this company's public recordsreported — the people who run it (not its investors). "Also runs" counts come from name-matching across all records, so verify before acting.

PersonRoleAlso runsTied since
Mark McKee3 other2018-12
Anthony Catalfano2018-12
Jesse Burgess2018-12
Registry & provenance

OnPay, Inc. is an official record sourced from the U.S. Securities and Exchange Commission (SEC). U.S. data is aggregated from SEC Form D filings.

United States
Country of record
US
Jurisdiction
1763322
SEC CIK
Similar companies

Nearest neighbours across the whole database — matched on sector, stage and capital scale, and on shared operators (officers or directors named at both companies in public filings). A discovery shortlist, not a valuation cohort — verify before acting, the same way modeled figures are directional.

CompanySectorStageRaised · realValue · estWhy similar
LivWell Holdings, Inc.OtherSeries C$59.2M$440.1Msame sector · same stage
GSM Outdoors Holdings, L.P.OtherSeries C$58.9M$433.9Msame sector · same stage
Key Services HoldCo, LLCOtherSeries C$60.0M$346.3Msame sector · same stage
Planet 13 Holdings Inc.OtherSeries C$61.6M$433.2Msame sector · same stage
Aerones Holdings Inc.OtherSeries C$62.3M$405.4Msame sector · same stage
Praesidium Holdings, Inc.OtherSeries C$55.0M$378.8Msame sector · same stage
Canary Purchaser, LPOtherSeries C$65.8M$391.5Msame sector · same stage
Paraiso Beach Club of Naples, LLCOtherSeries C$66.0M$410.3Msame sector · same stage
Semantically similar

Matched by meaning, not labels — a local language model reads each company's name, sector and description and ranks the closest in that learned space. This catches look-alikes that cross sector boundaries; the structured list above explains its matches, this one trusts the text. Directional, like every modeled signal here.

CompanySectorStageValue · estMatch
OnPay Topco, Inc.OtherSeries A$24.2M90%
AutoPay Direct, Inc.OtherSeries A$90.8M86%
OncoPatch, Inc.OtherPre-Seed$935K86%
Onapsis Inc.OtherSeries B$515.1M83%
ONX, Inc.OtherSeries D+$2.5B83%
Facepay, Inc.OtherSeed$8.8M83%
SocialPay CorpOther TechnologyPre-Seed$37.1M83%
Oncue Enterprises, Inc.OtherSeries A$45.2M83%
Frequently asked
How much funding has OnPay, Inc. raised?
OnPay, Inc. has raised approximately $59.3M in disclosed capital across 2 recorded financing rounds, aggregated from public filings.
What is OnPay, Inc.'s estimated valuation?
Provath's modeled valuation for OnPay, Inc. is approximately $405.0M (modeled range $206.4M–$606.9M). This is an algorithmic estimate derived from round sizes and same-niche peers — not a quoted or reported figure.
What funding stage is OnPay, Inc. at?
OnPay, Inc.'s latest modeled financing stage is Series C. Its most recent recorded round closed around Tue Aug 06.
What does OnPay, Inc. do and where is it based?
OnPay, Inc. operates in the Other sector, based in ATLANTA.
Explore related

See where OnPay, Inc. sits in the wider market — its sector, location and stage cohorts, each with their own leaderboards and capital-flow timelines.

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