“The B2B payments business and our sophisticated customers require reliability, visibility and strict controls,” said Finexio CEO Ernest Rolfson in a press release. “Our partnership with Cass, an information processing and financial holding company with considerable experience in routing and handling B2B payments, provides Finexio and our customers access to a Federal Reserve member bank with a comprehensive suite of compliance and fraud detection tools. In working together, Finexio and Cass combine to offer a best-in-class B2B payments execution solution with the financial security that our customers demand.”
After launching in 2017, Finexio revealed it had secured $4 million in Series A funding in January 2018, led by James R. Heistand, and with participation by existing backers Florida Funders, Loeb.nyc, Zach Coelius, Mobile Financial Partners and other angel investors. The company, which also raised $1 million in 2016 before it opened for business, deploys straight-through processing and closed-loop payment networks to streamline B2B transactions from accounts payable (AP) departments.
The financial exchange services, supported by Cass subsidiary Cass Commercial Bank, include funds management, transaction processing, ACH and check processing, and financing solutions.
“We have known and worked with the team at Finexio for several years on a number of complex B2B payment solutions. In partnering with Finexio, we were most impressed by their ability to create efficiencies in B2B payments where middle market enterprises experience the most pain,” said Cory Bricker, Cass’ vice president of corporate development.
Furthermore, Rolfson added, “Finexio continues to enhance its robust B2B payments execution and delivery capabilities. Through this partnership with Cass, Finexio solidifies its offering of comprehensive supplier payments, while providing the trust and safety of the banking system to customers, enabling customers’ financial executives to focus on their core business, while we manage their payments.”