- Finexio recently announced it raised $10 million in funding. These are the details.
Finexio — the fast-growing Accounts Payable (AP) Payments-as-a-Service company — recently announced the completion of its double over-subscribed $10 million funding in partnership with new investor Mendon Venture Partners that provided incremental growth capital to meet the demand for digital AP business-to-business (B2B) payments services.
Finexio has been winning business from top financial institutions eager to provide modern and cloud-based B2B payments technology to meet customer demand for digital payments and lending as embedded finance becomes increasingly in demand. And this expansion in serving financial institutions complements how Finexio is already deploying at scale white label payment solutions in many of the leading global procurement and accounts payable software platforms across multiple sectors— including hospitality, healthcare, higher education, manufacturing, and construction.
This past August, Banc of California had invested in Finexio to deepen its portfolio of product offerings for its business clients and partner with Finexio to build out payment and related loan and deposit services. And the companies plan to roll out a market-leading AP B2B payments and working capital offering for both Finexio’s and Banc of California’s customers by the second quarter of 2022.
KEY QUOTES:
“Our ‘Payments as a Service’ platform allows banks to facilitate rich, personalized buyers and supplier interactions, more meaningful virtual card spend take rates, and more payment methods like international and supply chain finance than anything else out there. Finexio’s easily integrated payments solution and unique service culture make us highly attractive to financial institutions desiring deep differentiation to compete, win, and retain corporate treasury customers that generate fee income and enable more loan and deposit generation. We’re excited to continue supporting banks in their efforts to provide the best modern treasury experience possible for their customers.”
— Ernest Rolfson, Founder and CEO of Finexio
“Finexio presents an exciting opportunity for banks to expand its offerings, better serve existing and new customers, reduce costs, and enhance overall value. Our investment and partnership highlight Mendon Venture Partners’ unique approach, thesis, and value-add position serving our bank LPs.”
— Andrew Marquardt, Founder and Managing Partner of Mendon Venture Partners
“The track record and impact of Finexio continues to impress, especially as it expands further into the embedded finance space and partnering with technology-leading financial institutions. Modernizing and improving the accounts payable payments process across industries still has a long way to go and Finexio will increasingly be a critical solution provider.”
— Kirk Wycoff, Managing Partner of Patriot Financial Partners
“For banks, the payoff from partnering with (tech-savvy) tech-focused funds like Mendon and Patriot offers easy access to leading fintech innovation, large potential investment gains, and significant competitive advantages in their day-to-day operations. With its seamless integrated payments solution, Finexio stands out as an easy win for banks seeking to upgrade their offerings.”
— Joe Proto, Finexio chairman
