Monday 26th October, 2020
AP payments as a service platform Finexio based in Florida has secured $23 million through its latest investment round, led by Medalist Partners an alternative credit manager based in New York.
This growth investment supports Finexio’s drive to simplify, optimise, and monetise the last mile of the corporate accounts payable process through its cloud based AP payments platform. Finexio’s has a customer base, encompassing 400 customers representing $4 billion in annual AP spend.
Finexio’s integrated AP and Procurement software installed customer base has over 150,000 bank accounts generating over $25 billion in accounts payable spend, most of that facilitated via paper check. Finexio provides the infrastructure these platforms need to service their middle-market customers critical and complex b2b payments needs. Finexio provides the only API driven AP Payments as a Service platform in the United States, the company said.
“This funding round represents a critical milestone for Finexio, enabling us to leverage our innovative payments platform to reach more customers just as CFOs are seeking cost reductions and greater automation in the face of margin compression and cash flow challenges due in part to COVID,” said Ernest Rolfson, CEO of Finexio. “Our business is at an inflection point with more businesses looking to us to optimise their AP spend and processes. There couldn’t be a better time for Finexio to capitalise on its ability to drive efficiencies and generate new cashflow and revenue for its clients.”
“Our investment in Finexio represents our belief in the future of payments as a service,” said Greg Richter, CEO at Medalist. “Finexio is ideally positioned to take advantage of the transition away from paper checks and manual processes towards payables platforms offering increased cash flow, lower costs, and automation.”
Finexio and Medalist are also launching an integrated Supply Chain Finance (SCF) solution to complement its existing payment’s product.