Software-as-a-service (SaaS) startup Finix, which sells payments technology to other companies, has raised $35 million in a Series B funding round led by Sequoia Capital, with Activant Capital and Inspired Capital participating as well, according to a report.
While Finix announced the investment, it did not disclose a valuation or share any business growth metrics. However, the company did offer a total addressable market figure and also shared the number of countries in which it currently operates.
Finix’s last investment was its $17.5 million Series A round in July of last year, which was led by Bain Capital Ventures, with Insight Venture Partners, Visa and Aspect Ventures also participating.
The company has raised about $55 million so far. CEO and Co-founder Richie Serna said the capital from the latest round will be used to “scale up the organization,” with engineering hires and plans to expand into international markets.
The company’s larger clients have requested that Finix grow its support globally, because “international reach is a really key component for any business.” In order to accomplish that, the firm will have to double its workforce to 60 people by the end of the year. According to Finix, it isn’t a payments company, per se, but rather a “payment infrastructure company.”
The company also charges clients differently. For example, Stripe takes about 2.9 percent plus $0.30 “per successful card charge.” Finix charges a regular software fee, as well as a sliding fee based on the number of payments processed, which creates a new revenue source for customers.
“Vertical SaaS companies are looking at how they can directly embed and bake these payments capabilities into their platform,” Serna said.
Finix said it aims to enable anyone who takes payments to draw down their relationship load, control costs and drive more revenue.