Finexio announced the completion of a double over-subscribed $10 million funding round in partnership with new investor Mendon Venture Partners, adding growth capital to meet demand for digital accounts payable business-to-business payments services.
Mendon Ventures’ BankTech Fund, a recently launched fintech fund built to help regional and community banks find new technology for both investment and deployment, invested $1 million to bring the financing to $10 million in total. Patriot Financial Partners, Finexio’s lead investor, provided additional funding after tracking the company’s growth throughout 2021.
The release also pointed to Banc of California’s investment the prior August, with the two companies planning an AP B2B payments and working capital offering for both customer bases by the second quarter of 2022.
“Our ‘Payments as a Service’ platform allows banks to facilitate rich, personalized buyers and supplier interactions, more meaningful virtual card spend take rates, and more payment methods like international and supply chain finance than anything else out there. Finexio’s easily integrated payments solution and unique service culture make us highly attractive to financial institutions desiring deep differentiation to compete, win, and retain corporate treasury customers that generate fee income and enable more loan and deposit generation,” said Ernest Rolfson, Finexio founder and CEO.
“The track record and impact of Finexio continues to impress, especially as it expands further into the embedded finance space and partnering with technology-leading financial institutions. Modernizing and improving the accounts payable payments process across industries still has a long way to go and Finexio will increasingly be a critical solution provider,” said Kirk Wycoff, managing partner of Patriot Financial Partners.Read the original publication (opens in a new tab)