Finexio announced the first close of its Series B at $14 million, part of a planned $30 million round, valuing the company at $100 million pre-money. Mendon Venture Partners and National Bank Holdings Corporation (NYSE: NBHC) co-led the financing, with participation from Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments, and other new and existing investors.
The funding backs Finexio’s embedded B2B payments infrastructure, which plugs Payments-as-a-Service capabilities directly into accounts payable and procure-to-pay software platforms. At the time of the announcement, the company said its software-as-a-service infrastructure was in use by three of the top 15 largest AP2P providers globally.
“CFOs at medium and large-sized corporations are looking to do more with less, eliminate manual processes to save time, and increase visibility and control of their cashflow. These executives rely on critical infrastructure AP2P software to run their business and make critical decisions. Embedding Finexio’s B2B payments capabilities directly into the software and workflows already familiar to the CFO and their teams makes digital payment adoption the simplest it has ever been, which creates a fantastic buyer and payee experience,” said Ernest Rolfson, Finexio founder and CEO.
“We are pleased to invest as well as partner with Finexio to bring a powerful payments solution to our business clients in the vast middle market. The ease of use together with the opportunity to reduce cost and drive efficiencies are truly impactful to business owners and operators. As NBHC continues to collaborate with cutting-edge companies to deliver innovative solutions to our business clients, we believe that Finexio’s next-gen payments platform will help to drive significant growth in the rapidly evolving payments industry,” said Tim Laney, chairman, president and CEO of National Bank Holdings Corporation.
Joe Proto, Finexio’s chairman, welcomed Tim Laney of NBH and Andrew Marquardt of Mendon Venture Partners to the company’s board of directors as part of the announcement.
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