Finexio, a B2B accounts payables payments-as-a-service firm, has raised $35m from a Series B funding round.
The round was led by Mendon Venture Partners and National Bank Holdings Corporation. Also participating in the round was J.P Morgan, Discover Financial Services, Valley Bank, Trogg Hawley Capital and Patriot Financial Partners.
Finexio claims an increasing number of financial institutions are partnering with the company to bring improved spend management and electronic spend conversion capabilities to their medium and large-sized corporate clients and wholesale bank customers.
Finexio CEO and founder Ernest Rolfson said, “We are thrilled to announce an oversubscribed round by leading fintech venture capital investors and leading innovative financial institutions, particularly in a volatile market environment.
“Despite an uncertain period in the global economy, Finexio’s team, investors, and partners are certain about the tremendous value embedded “AP Payments as a Service” is providing to large AP2P software platforms. Finexio’s high quality software embedded payments service will continue to grow triple digits in the coming years.”
Joe Proto – chairman of Finexio – added, “On behalf of all of us at Finexio, we are so honored to welcome our well known and respected Series B investors. We are very grateful to all our clients, employees and shareholders for their commitment to our success and proud of our new world-class investors joining us to complete this round.”
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