Finexio, the B2B accounts payables (AP) Payments-as-a-Service company, has completed the first close of its $30m Series B funding round.
The company has so far raised $14m at a $100m pre-money valuation.
The round was co-led by Mendon Venture Partners and National Bank Holdings Corporation Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments, and other new and existing investors also participated.
Finexio embeds B2B “Payments-as-a-Service” capabilities directly into the world’s largest AP and Procure to Pay Software (AP2P) suites. The Finexio infrastructure and APIs provide predictive payment and cashflow analytics capabilities, supplier identity and fraud prevention technology, and exception processing automation.
These features, according to Finexio, allow corporate end-users of the software to identify, deliver, and support 100% of their business payments digitally, allowing them to transition away from manual payment processes and costly paper checks.
Finexio said the capital will enable it to accelerate the accounts payable and procurement software industry adoption of its “B2B Payments-as-a-Service platform”, grow its team, and accelerate product development.
Ernest Rolfson, Founder and CEO, said, ?CFOs at medium and large-sized corporations are looking to do more with less, eliminate manual processes to save time, and increase visibility and control of their cashflow. These executives rely on critical infrastructure AP2P software to run their business and make critical decisions. Embedding Finexio’s B2B payments capabilities directly into the software and workflows already familiar to the CFO and their teams makes digital payment adoption the simplest it has ever been, which creates a fantastic buyer and payee experience.p>
At the beginning of this year, Finexio raised $10m from an oversubscribed funding round.
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