Payments-as-a-service company Finexio has bagged $10m from an oversubscribed funding round.
The funding round was led by Patriot Financial Partners are saw backing from newly launched FinTech fund Mendon Ventures BankTech Fund.
Founded in 2015, Finexio simplifies accounts payable payments for medium and large corporates by digitising manual paper checks. The company’s payments-as-a-service solution uses analytics and robotic process automation to drive maximum conversion rates of suppliers to electronic payments.
In August last year, Banc of California invested in Finexio to deepen its portfolio of product offerings for its business clients. The two firms intend to introduce an accounts payable B2B payments and working capital offering for both Finexio’s and Banc of California’s customers by the second quarter of this year.
Finexio CEO and founder Ernest Rolfson said, “Our ‘Payments as a Service’ platform allows banks to facilitate rich, personalised 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.
“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.”
Finexio chairman Joe Proto added, “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. With its seamless integrated payments solution, Finexio stands out as an easy win for banks seeking to upgrade their offerings.”
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