B2B accounts payable (AP) Payments-as-a-Service (PaaS) company Finexio has closed a $30 million fundraising round at a $100 million pre-money valuation, according to a Monday (July 25) company press release.
Mendon Venture Partners and National Bank Holdings Corporation led Finexio’s funding effort, with participation by Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments and other new and current investors.
The fresh capital will allow Finexio to grow its team and accelerate its product development.
Finexio enables B2B PaaS capabilities into AP and procure-to-pay software platforms, providing corporate clients with predictive payment and cashflow analytics capabilities, supplier identity and fraud prevention technology and exception processing automation.
“CFOs at medium and large-sized corporations are looking to do more with less, eliminate manual processes to save time, and increase visibility and control of their cashflow,” said Ernest Rolfson, founder and CEO of Finexio.
“These executives rely on critical infrastructure AP2P software to run their business and make critical decisions,” he said. “Embedding Finexio’s B2B payments capabilities directly into the software and workflows already familiar to the CFO and their teams makes digital payment adoption the simplest it has ever been, which creates a fantastic buyer and payee experience.”
Last week, Finexio announced a partnership with payables automation provider Scrypt to combine Scrypt’s artificial intelligence-driven payables platform with Finexio’s cloud-based B2B payments infrastructure.
The companies’ combined solution offers customers the chance to eliminate paper check use. In doing so, companies can cut the workload of their finance teams and improve “visibility to payment status while providing enhanced payments security,” the release said.
Earlier this year, PYMNTS spoke with Rolfson about the way AP companies have lagged when it comes to digital tools and automation.
“Companies are still tackling this largely with paper checks, largely by hand, largely with people,” he said. “You don’t see a lot on our website about AI or machine learning per se, because those are phrases that are a little scary and not necessarily resonating with Joe Smith users of the service — they just don’t want to be doing things by hand anymore.”
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