Finix closes $35m Series B to support international plans

Payments services company Finix has closed its Series B round on $35m, with Sequoia Capital acting as the lead backer.

The funding was also backed by Acrew Capital, Bain Capital Ventures, Activant Capital and Inspired Capital.

Following the close of the round, the startup is eyeing international expansion, hiring more engineers and boosting product development.

Finix’s previous investment was a $17.5m Series A round in the summer of 2019. The lead investor was Bain Capital Ventures, with additional participation also coming from Visa, Insight Venture Partners and Aspect Ventures.

The FinTech startup is payments infrastructure service which helps businesses to reduce costs and time of their transaction experiences. Its payment facilitator platform includes gateway/tokenization, merchant onboarding, reporting, reconciliation, settlements and funding instructions, and chargeback and risk management.

Sequoia partner Pat Grady said, “Building a payments operation is painful. Historically, software companies have had two options: either take that pain and integrate payments into your software or give it to your customers in the form of a disconnected experience.

“Neither of those is a great option, but thanks to Finix there’s now a third option: let Finix shoulder the pain and use their developer-friendly building blocks to provide integrated payments for your customers.”

As part of the deal, Pat Grady has joined the Sequoia board of directors.

The company is currently hiring for its offices in San Francisco, Cincinnati and Miami.

Copyright © 2020 FinTech Global

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