- Finexio — a growing AP payments as a service platform — announced it has raised $23 million in funding led by Medalist Partners
Finexio — a growing AP payments as a service platform — announced it has raised $23 million in funding led by Medalist Partners, an alternative credit manager based in New York. This growth investment supports Finexio’s drive to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud-based AP payments platform.
This investment builds on Finexio’s impressive customer base, encompassing 400 customers representing $4 billion in annual AP spend, primarily in the manufacturing, hospitality, higher education, and business services verticals. And Finexio has experienced explosive growth with its API oriented architecture into vertical-specific AP and Procurement software platforms.
Finexio’s integrated AP and Procurement software installed customer base has more than 150,000 bank accounts generating over $25 billion in accounts payable spend, most of that facilitated via paper check. And Finexio provides the infrastructure these platforms need to service their middle-market customers critical and complex B2B payments needs. Finexio provides the only API driven AP Payments as a Service platform in the United States.
Along with Medalist Partners, other investors in the round also included Florida Funders, Post Road Partners, including investors Peter Wirth, Keith Meyers, Paul Friday & Lou DeRose, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto (CEO of Transactis), Finexio senior management, and several leading Fintech and payments industry CEOs.
In order to further capitalize on its unique approach to AP, Finexio and Medalist are launching an integrated Supply Chain Finance (SCF) solution to complement its existing payment’s product. And this SCF offering will be the first program designed exclusively to meet the needs of middle-market companies improving cashflow and providing essential liquidity for SMBs in the face of a recession.
KEY QUOTES:
“This funding round represents a critical milestone for Finexio, enabling us to leverage our innovative payments platform to reach more customers just as CFOs are seeking cost reductions and greater automation in the face of margin compression and cash flow challenges due in part to COVID. Our business is at an inflection point with more businesses looking to us to optimize their AP spend and processes. There couldn’t be a better time for Finexio to capitalize on its ability to drive efficiencies and generate new cashflow and revenue for its clients.”
“Creating win-win solutions for buyers and suppliers while strengthening supply chains in a critical time is smart for the country and business. With our SCF solution, Finexio now has the ability to offer suppliers payments When, Where, and How they want them, something not currently available to middle-market companies and their suppliers today.”
— Ernest Rolfson, CEO of Finexio
“Our investment in Finexio represents our belief in the future of payments as a service. Finexio is ideally positioned to take advantage of the transition away from paper checks and manual processes towards payables platforms offering increased cash flow, lower costs, and automation.”
— Greg Richter, CEO at Medalist
