Finexio, the Orlando-based AP Payments-as-a-Service company, today announced an oversubscribed $8 million growth round. The fintech company will use this institutional funding to accelerate growth in key industry verticals including higher education, hospitality, healthcare, and manufacturing, board new AP and procurement software distribution partners, and expand its leadership team.
Finexio powers B2B payments infrastructure for three of the world's top 15 largest accounts payable and procurement software platforms with an install base of 150,000 potential end-user customers, $200 billion in annual AP spend, and over 3 million suppliers. Finexio is the B2B payments platform of choice for software companies globally looking to launch a turn-key payments offering to customers efficiently and with minimal capex.
Since the onset of COVID, Finexio has increased B2B payments volume 500 percent and delivered revenue growth of 161 percent due to its unique white label payment offering provided to leading AP and procurement software companies seeking a payments product to differentiate their service, create new revenue streams, and obtain fintech revenue multiples by investors.
Ernest Rolfson, Founder and CEO of Finexio said, "Finexio is the leading choice for AP and procurement software platforms seeking to introduce a robust and highly differentiated B2B payments-as-a-service offering to their thousands of end-user customers. Finexio's white label offering delivers virtual card adoption and revenue rates that exceed industry averages. Our unique value proposition and white glove service culture makes Finexio highly attractive to channel partners and end-user customers alike."
Patriot Financial Partners, a Radnor, PA based financial services PE fund, led the financing after tracking the company's impressive growth and business performance. Banc of California (NYSE: BANC) also invested in Finexio to expand its portfolio of product offerings for its business clients and help Finexio build out payment and related loan and deposit services.
Kirk Wycoff, Managing Partner of Patriot Financial Partners 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."
In addition to Patriot Financial Partners and Banc of California, other investors in the round include Joe Proto, Vince Passione, Ronnie Selinger, Shai Stern, Geoff Judge, Phase 2 Partners, Advection Investors, XN Ventures, Mark Abramowitz, Anil Agarwal, Ernie Pomerantz, David Truetzel, David Fogel, EOM Investments, and several leading private equity executives.
As part of the transaction, Joe Proto, former Founder and CEO of Transactis (now a part of Mastercard), has become Chairman of Finexio's Board of Directors. Proto will work with Rolfson to guide the strategic direction of the company as it scales to serve as the leading AP B2B payments platform for software companies and financial institution customers. Dolores Lare, Partner at Patriot Financial Partners has also joined the Finexio board as an observer and strategic partner.
"Businesses expect the same advantages from technology automation that consumers enjoy. Covid has been a super catalyst for B2B digital transformation. Finexio's growth is a testimony to the automated accounts payable strengths that we bring to our partners and customers. I am very honored to be part of the Finexio team," said Proto.
Finexio, the leading AP Payments-as-a-Service company, focuses on providing end-to-end AP payment capabilities within Procurement and AP Software Platforms. This combination represents a powerful disruption to traditional, manual-based AP processes. Finexio's modern, efficient service model, minimal process charges, and total payment solutions translate to high margin revenue streams and a strong competitive position. Learn more about Finexio at www.finexio.com or follow us on LinkedIn.
About Patriot Financial Partners
Founded in 2007, Patriot Financial Partners is a private equity investment firm based in Radnor, PA focused on investments in the community banking sector with a secondary focus on financial services and financial technology firms closely related to the banking sector. Patriot's objective is to seek superior risk-adjusted returns by applying a hands-on, value-added investment model to non-control investments.
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Original Source: Finexio Raises $8M to Grow Payments-as-a-Service for Global Procurement and Accounts Payable (AP) Software Platforms