- Payments infrastructure platform Finix announced that it raised $35 million in Series B funding
Payments infrastructure platform Finix announced that it raised $35 million in Series B funding to keep up with growing customer demand and invest heavily in expanding its product and engineering teams. This funding round was led by Sequoia Capital with participation from existing investors Acrew Capital, Bain Capital Ventures, and others. And new investors Activant Capital and Inspired Capital also participated in the round.
This funding round comes on the heels of Finix’s Series A funding round seven months ago. It brings the total funding raised to more than $55 million. And the new funding will enable Finix to grow its team to accelerate product innovation and meet the growing demand for embedded payments solutions.
“We’re only just beginning to see what amazing experiences can be built when companies begin designing payments deeply into their user experience rather than treating it as a bolt-on. Every day, our customers prove to us they are able to build superior product experiences that delight both consumers and merchants when they have full control over their payments stacks,” said Richie Serna, chief executive officer at Finix. “We envision a world where companies give just as much love and attention to the flow of money as the other elements of the product experience, which is why we’re honored to be partnering with Sequoia–a firm that deeply understands what it takes to build amazing software products–as we enter our next phase of growth.”
Customer-focused software companies are able to build winning products by owning their payments stack so they can personalize the merchant onboarding experience and flow of funds to solve their customers’ specific needs. And in a world where the best product wins, mastering the payments experience is necessary and third-party payment service providers solutions no longer cut it.
In the past, software companies that wanted to own their payments infrastructure only had two options: build payments in-house (which is costly and time-consuming) or outsource to a third-party payment service provider (which is expensive and can lead to a less compelling product experience).
Finix is the first company to offer a third option: a holistic solution that enables growing companies to own, manage and monetize their entire payments experience. Plus the company helps realize the promise of embedded payments. And Finix’s platform provides customized tools and insights to open up new opportunities for customer experience innovation.
“Building a payments operation is painful. Historically, software companies have had two options: either take that pain and integrate payments into your software, or give it to your customers in the form of a disconnected experience. Neither of those is a great option, but thanks to Finix there’s now a third option: let Finix shoulder the pain, and use their developer-friendly building blocks to provide integrated payments for your customers,” added Pat Grady, partner at Sequoia Capital. “Your customers love the seamless experience, and you add payments as a nice new revenue stream. It’s hard to imagine a future of disconnected software and payments, and it’s hard to imagine a better team than this one to build the integrated future we all deserve.”
Finix has a growing and diverse customer base, which includes mobility management platform Passport Labs, private club management software platform Clubessential, retail point-of-sale company Lightspeed POS, small businesses cash-flow platform Kabbage, and many others.
Serna and Sean Donovan launched Finix in 2015. And they combined their unique software development and payments expertise to come up with a smarter way for software companies to own their payments stack to build the right product for their users.
