Finexio, an B2B payments-as-a-service provider, has collected $8m in its growth funding round, which will help it grow across verticals.
Funds from the round will help the FinTech company bolster its position in the higher education, hospitality, healthcare and manufacturing markets, as well as work with new distribution partners.
Alongside this, Finexio will hire more staff for its leadership team, release new products and deepen its loan and deposit services.
The investment was led by private equity firm Patriot Financial Partners, with support also coming from Banc of California. Also joining the round were Phase 2 Partners, Advection Investors and XN Ventures.
Other contributions came from angel investors, including Joe Proto, Vince Passione, Ronnie Selinger, Shai Stern and Geoff Judge, among others.
Finexio provides end-to-end accounts payable payment capabilities. The company claims its B2B payments infrastructure supports three of the world’s largest accounts payable and procurement software platforms. These clients boast $200bn in annual accounts payable spend and have over three million suppliers.
Despite the pandemic, the company managed to increase its B2B payments volume by 500% and increased revenues by 161% since March 2020.
Patriot Financial Partners managing partner Kirk Wycoff said, “Finexio presents a unique value proposition to businesses by modernizing and improving the efficiency of their accounts payable payment processes.
“Covid has accelerated the need to transform payables from manual to digital and Finexio has been successful in enabling businesses to move away from their archaic processes by leveraging Finexio’s modern B2B payment technology platform.”
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