In order to fulfill the growing need for electronic payment capabilities, Finexio, a B2B accounts payable (AP) Payments-as-a-Service (PaaS) firm, recently secured a $35 million Series B investment that was oversubscribed.
A news release stated that Patriot Financial Partners, a prior investment, as well as new investors Discover Financial Services, Valley Bank, and Trogg Hawley Capital, assisted J.P. Morgan as the round’s lead investor.
$30 million was given to Finexio three months ago to increase employee size and hasten product development. It has since raised a Series B.
According to a news release, the company provides procure-to-pay (AP2P) and accounts payable (AP) software solutions with integrated end-to-end AP payment capabilities. Corporate clients get automated exception processing, fraud and supplier identity protection solutions, and cash flow and predictive payment analytics tools.
Ernest Rolfson, the CEO and creator of Finexio, stated earlier this year, just after the company had completed yet another financing round, this one for $10 million.
He said that while many organizations use software, digital tools, and automation to process payments, not all of them have.
“Accounts payment is a lagging area in this field,” he claimed. Companies are still mostly using paper checks, primarily by hand, and primarily using humans to deal with this,
How can businesses and individuals function more effectively at scale with the help of more streamlined, integrated financial tools? He went on. Because of this, all of this paper is or will melt.
According to research, a third or so of small-to-medium-sized businesses (SMBs) expressed interest in adopting an all-in-one payment platform to take payments.
Compared to a significantly greater number of $20 million and $50 million organizations, just 22% of companies with yearly revenues under $1 million are interested.
