As demand for digital payments surges, Finix, which provides payments infrastructure to vertically-focused software companies, reported a 4.5x increase in payments volume from Q2 2019 to Q2 2020. Finix also recently launched Flex, a new product that kick-starts more companies on the path to owning their payments.
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“Finix allows software companies to unlock new revenue streams, grow market share, and improve their product experience all at the same. With COVID catalyzing the adoption of digital payments, that promise is more compelling than ever,” said Richie Serna, Finix CEO and co-founder. “Over the past few months, we’ve seen our customers shift payment strategies on a dime to seize emerging opportunities and keep up with new demands brought on by the acceleration in digital payments and eCommerce.”
In May, J.P. Morgan reported that integrated payments—those distributed via software—”should continue to grow at 2x the market for years to come and is just ~10% penetrated in the U.S,” up from 8% six months prior.1 By enabling companies to own their payments, Finix helps its customers customize and expand their digital payments capabilities at record speeds. For example, Kabbage, a small businesses cash flow provider, used Finix to launch a digital gift card solution for small businesses in a matter of days. Passport, the mobility management platform, has spent the pandemic helping cities like Austin, TX and Atlanta, GA migrate to mobile payment solutions built on Finix’s payment facilitation platform as they embraced contactless parking.
“Our goal was to marry our back office system with payments to provide a seamless, all-in-one product for our customers. Finix made this easy and we are now able to be more efficient and flexible,” said Greg Hammermaster, head of payments at Passport. “Our ability to adapt has been critical in working with city leaders to modernize their operations and improve customers’ experiences.”
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