Accounts payable (AP) Payments-as-a-Service (PaaS) platform Finexio has completed an oversubscribed $10 million funding round that gives the company the money it needs to meet digital AP B2B payments services demand, according to a Wednesday (Jan. 5) press release.
“Our Payments-as-a-Service platform allows banks to facilitate rich, personalized buyers and supplier interactions, more meaningful virtual card spend take rates, and more payment methods like international and supply chain finance than anything else out there,” said Finexio Founder and CEO Ernest Rolfson in the release. “Finexio’s easily integrated payments solution and unique service culture make us highly attractive to financial institutions desiring deep differentiation to compete, win and retain corporate treasury customers that generate fee income and enable more loan and deposit generation. We’re excited to continue supporting banks in their efforts to provide the best modern treasury experience possible for their customers.”
Mendon Ventures BankTech Fund, a newly launched FinTech fund designed to help regional and community banks find new technology for both investment and deployment, invested $1 million to lead Finexio’s latest financing round. Patriot Financial Partners also contributed to the round after serving as lead investor for Finexio in the past, the release stated.
“For banks, the payoff from partnering with tech-savvy, tech-focused funds like Mendon and Patriot offers easy access to leading FinTech innovation, large potential investment gains and significant competitive advantages in their day-to-day operations,” said Finexio Chairman Joe Proto in the release. “With its seamless integrated payments solution, Finexio stands out as an easy win for banks seeking to upgrade their offerings.”
In August, Finexio completed an $8 million funding round to accelerate growth across multiple verticals — including higher education, hospitality, healthcare and manufacturing. It also planned to partner with AP and procurement software distributors and expand its leadership team.
Read more: Finexio Raises $8M to Build out AP Software Suite
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