Finexio Closes $23M Financing Round
ORLANDO, FL, Finexio, a rapidly growing AP payments as a service platform, today announces the closing of a $23 million capital raise.
The round was led with a strategic investment from Medalist Partners, an alternative credit manager based in New York. This growth investment supports Finexio's drive to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud based AP payments platform.
This investment builds on Finexio's already impressive customer base, encompassing 400 customers representing $4 billion in annual AP spend, primarily in the manufacturing, hospitality, higher education, and business services verticals. Finexio has experienced explosive growth with its API oriented architecture into vertical-specific AP and Procurement software platforms. 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.
In addition to Medalist Partners, other investors in the round include Florida Funders, Post Road Partners, including investors Peter Wirth, Keith Meyers, Paul Friday & Lou DeRose, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto, CEO of Transactis, Finexio senior management, and several leading Fintech and payments industry CEOs.
Finexio, a pioneer in AP Payments as a Service, focuses on providing end-to-end AP payment capabilities within AP Software and Procurement Software Platforms. This combination represents a powerful disruption to traditional, manual-based AP processes. Strong growth during the pandemic - 46% month over month growth fueled by new customer acquisition - represents a convergence of powerful trends in corporate finance. 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.
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