FlexPoint, a trusted payments platform for managed service providers (MSPs) and the businesses they serve, announced that it has raised $12 million in Series A funding led by Foundry Group, with participation from existing investors Haymaker Ventures, Garuda Ventures, Techstars, Far Out Ventures, and Cascade Seed Fund. This new funding round brings FlexPoint’s total funding to $19.5 million since launching in March 2023.
This latest funding emphasizes FlexPoint’s rapid growth and cements its position as the leading payments platform for MSPs and the businesses they serve. With revenue growth of nearly 4 times year over year, FlexPoint is trusted by over 40,000 businesses with their payments.
With FlexPoint’s payments automation platform, MSPs, who typically provide mission-critical technology services to small and midsize businesses, can automate their payments and grow their revenue.
What the funding will be used for: This latest round of funding will enable FlexPoint to double down on product development and further expand its MSP partner program.
KEY QUOTES:
“The MSP market is the gateway to the $2 trillion global SMB technology market. 80% of all SMB technology spend is delivered by partners. Our mission at FlexPoint is to build the B2B payments platform that powers SMB technology spend through our network of MSP partners.”
Victor Lopez, Co-Founder and CEO at FlexPoint
“FlexPoint is bringing modern payments software to an underserved segment of the market through a unique partner led approach that creates a compelling distribution advantage. We’re thrilled to partner with this team of relentlessly focused executors. Operating with deep customer orientation and user empathy, FlexPoint has quickly created the foundational customer love necessary to build a category-defining company.”
Jaclyn Freeman Hester, Partner, Foundry Group
