SME bank and CRM PayQix secures $11m of $21m haul

Online banking and transaction management startup PayQix has closed $11m in funding from an unnamed international multi-strategy focused family office.

The New York-based company aims to offer an SME-focused bank that also bridges the gap between CRM functions such as sales and marketing with businesses automation, payments and transaction management services.

PayQix says the $11m is a dedicated tranche broken off of a larger $21m Series A round that the company is currently raising.

The new $11m round will be used to establish its bank in Luxembourg, which it says will act as the centrepiece of SME technology platform.

The remaining $10m it aims to raise will be used to build out its technology platform, specifically its frontend and dashboard.

It will also be invested in the company’s international branding and marketing efforts.

PayQix CEO Jose Graca said: “Fundamentally, businesses are needs-based and relationship-driven, so the next generation of global online banks need to facilitate the full transaction cycle for every customer.

“Solving these problems means more loyalty and therefore more transactions. Increased transaction volume equates to more revenue and stronger relationships that drive trust and future business.

“We don’t wait for deposits and loans to be made; we actively create value for our customers at every intersection of their business.”

The company previously raised $1.5m in a seed round. It used the capital to build and test its architecture.

Copyright © 2017 FINTECH GLOBAL

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