Payment solution platform APEXX has closed a $4m funding round to help extend its network.
Contributions to the financing came from MMC Ventures, Forward Partners and Alliance Venture.
UK-based APEXX is a payment solution service that connect suppliers, banks and payment methods into a single API. The solution helps merchants reduce costs for cross-border payment acceptance, increase sales through transaction routing and also mange provider relationships, all in one integration point.
The cloud-based platform gives merchants the ability to compare costs and receive advice on picking a payment provider. Offerings from APEXX include: AI-driven fraud management, reconciliation tools, currency conversion, multi-currency pricing and local pay-out products.
This capital will be used by the company to further the reach of its global network of acquirers, payment providers and managers. Funds will also be used to fund product development.
Forward Partners investor Matthew Bradley said, “APEXX presents a phenomenal opportunity. Its unique acquirer-agnostic platform and algorithmic payment routing rebalances existing payment relationships in favour of the customer. It’s a bold mission and I’ve never seen a company at this stage be so far entrenched in multiple global enterprises.”
The company founders have picked up a wealth of experience within the payments sector. Rodney Bain previously served as vice president at EVO Payments International, Bank of Ireland, CITI and PKO. Prior to APEXX, Peter Keenan was the CEO of bank payment application ZAPP, which was sold to MasterCard. The final founder, Rob Atkin has also founded payment automation solution XCORDIS FinTech.
This marks MMC’s third FinTech investment in as many months, with the company taking part in the undisclosed funding round of online marketplace Appear Here. In September the firm led the £2.5m Series A funding round into data analytics solution Peak.
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