ConnexPay, a payments technology company that integrates payments acceptance and issuance inside a single platform, has raised $110m.
The investment was led by FTV Capital, a sector-focused growth equity investor.
Previous investors also participated in the round. ConnexPay has raised a total of $145m to to date.
Founded in 2017, ConnexPay was initially developed to service the travel industry, today supporting many of the largest travel agencies, tour operators and air and hotel consolidators.
The company said it continues to focus on travel whilst also serving related verticals that serve as payment intermediaries, such as online marketplaces, delivery services, ticket brokers, emerging FinTechs and insurance and warranty providers.
ConnexPay said that while some providers offer both card issuing and payment acquiring services, those offering are in separate systems with disjointed reporting and reconciliation.
Whereas ConnexPay said its technology seamlessly connects both sides of the payment ecosystem, accepting and making payments, inside a single platform with instant access to incoming funds and just one reconciliation. By serving as both acquirer and issuer, ConnexPay said it can easily connect payments coming in to payments going out and bring real value to both the consumer and merchant.
ConnexPay said the funding will help it to drive international expansion in Europe and beyond, as well as continually enhance its payments platform.
Robert Kaufman, founder and CEO at ConnexPay, said, “ConnexPay was founded to transform the entire payments experience for the travel industry, and now that mission extends to other payment intermediary companies both in the US and around the world.
“The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions ConnexPay to accelerate global commercial success.”
Earlier this month, Nelo, which offers a consumer payments platform for online purchases in Mexico, secured a $100m credit facility.
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