B2B payments network Finexio has secured a $4m Series A round led by Parkway CEO and president James R. Heistand.
Participation to the round also came from a group of existing and new investors which included Florida Funders, Loeb.nyc, Zach Coelius, and Mobile Financial Partners, among other angel investors.
Florida-based B2B solution provider Finexio removes paper-based checks for accounts payable teams, by implementing its API technology to assess which supplier needs to be paid and transferring the funds digitally. Suppliers can be paid electronically without the need of giving bank account information.
The solution works through a network of networks which uses route payments through existing ACH and credit card rails in order to get the best price. Since the product launched in 2017, the company has recorded an average MoM growth of 78 per cent.
Finexio chairman James R. Heistand said, “Finexio’s customer traction and positive growth trajectory positions the company well to gain widespread market adoption. This investment validates our seed financing in 2016, and will enable a world-class team to continue to win business in important verticals such as real estate, construction, legal services, insurance, and healthcare.”
As part of the transaction, payments industry expert Henry Dreifus will join Finexio board of directs. Florida Funders founder Steve MacDonald will join the board as an observer.
This funding round brings the total capital raised by Finexio to $5m, with the company previously picking up a $1m round in 2016. The seed investment was led by James R. Heistand, and also saw participation from startup lab Loeb.nyc.
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