Finexio, a business-to-business (B2B) accounts payable (AP) Payments-as-a-Service (PaaS) startup, recently closed a $35 million Series B investment that was oversubscribed in order to meet the rising demand for electronic payment capabilities.
According to a press release, J.P. Morgan led the round, with Patriot Financial Partners, a previous investor, and new investors Discover Financial Services, Valley Bank, and Trogg Hawley Capital joining.
Finexio received $30 million three months ago to expand its workforce and accelerate product development. It has now raised a Series B round of funding.
According to the press release, the company provides accounts payable and procure-to-pay (AP2P) software platforms that include end-to-end AP payment capabilities. Corporate clients benefit from automated exception processing, supplier identity and fraud protection, and predictive payment and cash flow analytics.
Finexio CEO and founder Ernest Rolfson stated earlier this year, shortly after the company completed yet another investment round, this time for $10 million.
Despite the fact that many businesses use software, digital tools, and automation to manage payments, he claims that not all of them have.
“Accounts payment is a lagging sector in this arena,” he says. “Companies are still dealing with this primarily with paper checks, primarily by hand, and primarily with people,” says one.
“How can we have more user-friendly, embedded financial tools to help enterprises and consumers operate at a much higher level of efficiency?” He went on. That’s why all of this paper is or will dissolve.
According to research, nearly one-third of small-to-medium-sized businesses (SMBs) are interested in using an all-in-one payment platform to accept payments.
Only 22% of businesses with less than $1 million in annual revenue are interested, compared to a much higher percentage of $20 million and $50 million businesses.
