Payments Tech Firm Finix Raises $30M

Payments technology company Finix has raised $30 million in new capital, bringing the firm’s total funding to $133 million.

“Finix raised at an increased valuation despite the more challenging economic environment this year,” the company said in a news release Wednesday (Aug. 10).

Backers of this round included a mix of new and existing investors, including The General Partnership (TheGP), Franklin Templeton, American Express Ventures, Acrew Capital and Bain Capital Ventures.

Dan Portillo, co-founder and managing partner at TheGP, said his firm invested in Finix because it believes the company is the only payments provider that can give software platforms the flexibility to succeed as they scale.

“The payments space is surprisingly young — only nine percent of payments are digital today,” Portillo said in the release. “And if the last two years have taught us anything, businesses with modular and configurable payments technology are best equipped to benefit from commerce moving online.”

Based in San Francisco, Finix provides payments technology to software platforms that include Lightspeed POS Inc., Passport and Kabbage from American Express. The company said it plans to announce new features to help software platforms manage their payments and merchants in the next few months.

Last year, Finix passed $100 million in funding and pledged to put 10% of its round toward Black and Latinx investors.

See also: Finix Passes $100 Million In Funding, Adds Execs

During its Series B round, Finix issued a special purpose vehicle (SPV) to invite more than 80 traditionally marginalized investors to its cap table, with the plan to set a standard for how companies can close the racial wealth gap and boost inclusivity.

Tiffani Ashley Bell, founder and executive director at The Human Utility and an SPV investor, said at the time that the SPV “provides tremendous value.”

“It allows talented, knowledgeable investors and operators from diverse backgrounds — especially Black and Latinx people — who have traditionally been excluded from investing early in rocketship startups to be able to do so,” Bell said.