MentorTech Ventures Leads $2.6 Million Series A Round for PayPerks

PayPerks, a financial services startup, has raised $2.6 million in Series A funding led by Philadelphia-based MentorTech Ventures.

The New York-based firm has previously raised angel funding from Esther Dyson, Columbia University Lang Fund and New York Angels, among others.

PayPerks targets the un- and underbanked for a variety of services. It was co-founded by CEO Arlyn Davich, a brand management professional who previously worked at Louis Vuitton, Time Inc., Rubenstein Public Relations and Dannon, among others.

She developed a passion for social entrepreneurship while getting her MBA at Columbia Business School and developed the idea for PayPerks while enrolled in the school’s Greenhouse incubator program. Davich won Columbia’s Lang Fund for Entrepreneurship in 2009 and an Ecademy Award in 2010. 

MentorTech Ventures is a seed- and early-stage venture capital fund that invests in companies from the University of Pennsylvania ecosystem.

PayPerks co-founder Jake Peters is a graduate of the dual-degree Fisher Program in Management & Technology at the University of Pennsylvania, receiving a B.S. in Economics from the Wharton School of Business and a B.S.E. in Computer Science Engineering.

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