Payments technology firm Ixaris is reshaping its entire corporate structure, and it’s a move centered squarely on B2B payments.
The company revealed on Wednesday (April 6), at the Money2020 Europe event, that it will be spinning off its payments technology operation, Ixaris Technologies, and molding it into a separate subsidiary to focus on B2B payments.
Sister company EntroPay, meanwhile, will continue to operate in the virtual card space for small businesses and consumers, the company said.
The firm added that the spinoff is the result of spiking performance in the B2B payments segment for the firm.
“Our B2B payment offering now accounts for 25 percent of Ixaris Group revenues, which exceeded $16 million in 2015,” announced Ixaris Group CEO Alex Mifsud during his panel discussion at the conference. “We have launched Ixaris Technologies as a distinct company and received $6 million in launch funding from existing shareholders to accelerate growth in 2016. We will continue to seek further fundraising from strategic investors later this year.”
Ixaris Technologies will be led by Dave Joyce as COO; Joyce previously worked for Visa Europe. Its chief commercial officer will be Doug Gray, who has held positions at ING and Barclaycard, the company said in its announcement.
Continuing his announcement, Mifsud added that the technology fueling the payments industry is shifting, offering an opportunity that can be taken advantage of through such a spinoff.
“The payments industry is shifting focus towards APIs and technology solutions to help drive open banking, further reinforcing that the time is right to launch a company dedicated to open payments,” the executive stated.