Finexio Raises $23M Towards Providing AP Payments Tools

Finexio, an AP payments-as-a-service platform, has come off a funding round with $23 million, a press release says.

The round was led by a strategic investment from Medalist Partners, a New York-based alternative credit manager. Other backers 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 numerous FinTech and payments industry leaders.

With the new funding, Finexio is looking at continuing to streamline and optimize the last mile of the corporate accounts payable process.

One of the ways it’s planning to do that is through a new integrated supply chain finance (SCF) solution which will be designed particularly for the needs of middle-market companies trying to boost cash flow and provide liquidity for small- to medium-sized businesses (SMBs) in the current economy.

CEO Ernest Rolfson said the goal of the company was to create “win-win solutions for buyers and suppliers while strengthening supply chains in a critical time [which] 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,” he said, according to the release.

Finexio already has 400 customers and $4 billion in annual spending on AP processes. The company primarily represents customers in the fields of hospitality, higher education and business service verticals.

Finexio recently partnered with order-to-cash solution provider Billtrust to streamline and further connect payments. In that partnership, Finexio can provide electronic payment capabilities to the buyers and suppliers connected by Billtrust’s network.

The partnership lent Finexio’s tech to help eliminate manual payments as the world moves more into digital payment methods. That enables finance teams to work faster and remove clunky manual processes.