Digital Payments News

Finix Raises an Additional $30 Million to Become the Payments Provider of Choice for Software Platforms

Choice Partners with Wix for ACH Payments

The financing, raised from new and existing investors, brings Finix’s total funding to $133M

Finix, the payments technology company for software platforms, announced that it has raised $30M in fresh capital, bringing the company’s total funding to $133M. Finix raised at an increased valuation despite the more challenging economic environment this year. New and existing investors, including The General Partnership (TheGP), Franklin Templeton, American Express Ventures, Acrew Capital, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, Vamos Ventures, and more participated in the round.

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Here’s what Dan Portillo, co-founder and managing partner at TheGP, had to say about his investment in Finix:

“The payments space is surprisingly young—only nine percent of payments are digital today. And if the last two years have taught us anything, businesses with modular and configurable payments technology are best equipped to benefit from commerce moving online. TheGP invested in Finix because we believe they are the only payments provider that offers software platforms the flexibility needed to succeed as they scale.”

Here’s why Matt Harris, Finix board member and Managing Director at Bain Capital Ventures, is doubling down:

“The next generation of fintech is all about businesses embedding financial services when and where their customers need them most. Finix is a leading example of the type of state-of-the-art payments infrastructure provider that makes this embedded experience possible. BCV is proud to continue to support its growth.”

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Finix’s mission is to create the most accessible financial services ecosystem in history, starting with payments. Finix has shown tremendous growth and rapid product development over the past year, which CEO and co-founder, Richie Serna, outlined in a blog post: Reintroducing Finix: A PayFac for Platform Payments. Here’s a summary of what the company has accomplished recently:

  • Became a registered payment facilitator to support software platforms of all sizes—from $0 to over $1B+ in total payments volume
  • Expanded its suite of in-person payment devices and capabilities
  • Launched many features that help software platforms manage payment operations while increasing revenue and decreasing costs
  • Powered billions of dollars in total annual payments volume on its platform
  • Doubled total annual payments volume from 2020 to 2021
  • Grew to support over 12,000 active sub-merchants each month
  • Handled billions of API calls with 99.999% uptime

To put this in perspective, if you compared Finix to Nilson’s 2021 list of top US merchant acquirers, the company would rank in the top 50 based on total payments volume and merchant count.

Finix is dedicated to becoming the payments provider of choice for software platforms and is well on its way, with Q2 2022 being the company’s best quarter ever in terms of new deals closed. Over the next few months, Finix plans to announce more features to help software platforms better manage their payments and merchants.

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