Finexio announced the successful completion of an oversubscribed $35 million Series B funding round at a $100 million pre-money valuation. Mendon Venture Partners and National Bank Holdings Corporation (NYSE: NBHC) co-led the financing, and J.P. Morgan was the largest investor in the growth round.
Existing fintech investor Patriot Financial Partners participated alongside new investors Discover Financial Services (NYSE: DFS), Valley Bank (NASDAQ: VLY), Trogg Hawley Capital LLC, and other financial services and fintech C-suite executives.
The release framed the raise around Finexio’s embedded payments capabilities for accounts payable and procurement (AP2P) software providers, noting that a growing number of financial institutions were partnering with Finexio to bring spend management and electronic spend conversion to their medium and large-sized corporate clients and wholesale bank customers.
“We are thrilled to announce an oversubscribed round by leading fintech venture capital investors and leading innovative financial institutions, particularly in a volatile market environment. Despite an uncertain period in the global economy, Finexio’s team, investors, and partners are certain about the tremendous value embedded ‘AP Payments as a Service’ is providing to large AP2P software platforms. Finexio’s high quality software embedded payments service will continue to grow triple digits in the coming years,” said Ernest Rolfson, Finexio founder and CEO.
“On behalf of all of us at Finexio, we are so honored to welcome our well known and respected Series B investors. We are very grateful to all our clients, employees and shareholders for their commitment to our success and proud of our new world-class investors joining us to complete this round,” said Joe Proto, Finexio’s chairman.Read the original publication (opens in a new tab)