Finexio Raises $23 Million Following Three Years of Triple-Digit Revenue Growth as Unique AP Payments as a Service Platform

Finexio announced the closing of a $23 million capital raise, led with a strategic investment from Medalist Partners, an alternative credit manager based in New York. The growth investment supported Finexio’s drive to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud-based AP payments platform.

The release cited a customer base of 400 companies representing $4 billion in annual AP spend, primarily in manufacturing, hospitality, higher education, and business services. Finexio’s integrated AP and procurement software customer base spanned more than 150,000 bank accounts generating over $25 billion in accounts payable spend, most of it still moving by paper check.

Beyond Medalist Partners, investors in the round included Florida Funders, Post Road Partners, Alpine Meridian Ventures, Stormbreaker Ventures, Transactis CEO Joe Proto, Finexio senior management, and several fintech and payments industry CEOs.

Finexio and Medalist also announced an integrated supply chain finance offering to complement the payments product, described as the first program designed exclusively for middle-market companies, improving cash flow and providing liquidity for smaller businesses facing a recession.

“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. Our business is at an inflection point with more businesses looking to us to optimize their AP spend and processes,” said Ernest Rolfson, CEO of Finexio.

“Our investment in Finexio represents our belief in the future of payments as a service. 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,” said Greg Richter, CEO at Medalist.