Finexio, a B2B accounts payable (AP) Payments-as-a-Service (PaaS) startup, recently closed a $35 million Series B investment that was oversubscribed in order to meet the rising demand for electronic payment capabilities.
According to a press statement, J.P. Morgan was the lead investor in the round, with support from Patriot Financial Partners, a previous investment, and new investors Discover Financial Services, Valley Bank, and Trogg Hawley Capital.
Three months ago, Finexio received $30 million to grow its staff and quicken the pace of product development. Now, it has raised a Series B.
According to the press announcement, the firm offers accounts payable and procure-to-pay (AP2P) software platforms with incorporated end-to-end AP payment capabilities. Corporate clients receive automated exception processing, supplier identity and fraud protection technologies, and predictive payment and cash flow analytics capabilities.
Earlier this year, just after the business had finished yet another investment round, this one for $10 million, Finexio CEO and founder Ernest Rolfson said.
Although many businesses are employing software, digital tools, and automation to manage payments, he said that not all of them have done so.
According to him, “Accounts payment is a lagging sector in this arena.” “Companies are still mostly dealing with this with paper checks, primarily by hand, and primarily with people,”
“How can we have more user-friendly, embedded financial tools to assist enterprises and consumers operate a lot more efficiently at scale?” he continued. That is why all of this paper is dissolving or will dissolve.
A nearly third of small-to-medium-sized businesses (SMBs) were found to be interested in using an all-in-one payment platform to accept payments, according to research.
Only 22% of businesses with annual revenues of less than $1 million are interested, compared to a far higher percentage of $20 million and $50 million enterprises.
