Finexio, a rapidly growing AP payments as a service platform, announces the closing of a $23 million capital raise, led with a strategic investment from Medalist Partners, an alternative credit manager based in New York. This growth investment supports Finexio’s drive to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud based AP payments platform.
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This investment builds on Finexio’s already impressive customer base, encompassing 400 customers representing $4 billion in annual AP spend, primarily in the manufacturing, hospitality, higher education, and business services verticals. Finexio has experienced explosive growth with its API oriented architecture into vertical-specific AP and Procurement software platforms. Finexio’s integrated AP and Procurement software installed customer base has over 150,000 bank accounts generating over $25 billion in accounts payable spend, most of that facilitated via paper check. Finexio provides the infrastructure these platforms need to service their middle-market customers critical and complex b2b payments needs. Finexio provides the only API driven AP Payments as a Service platform in the United States.
In addition to Medalist Partners, other investors in the round include Florida Funders, Post Road Partners, including investors Peter Wirth, Keith Meyers, Paul Friday & Lou DeRose, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto, CEO of Transactis, Finexio senior management, and several leading Fintech and payments industry CEOs.
“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,” said Ernest Rolfson, CEO of Finexio. “Our business is at an inflection point with more businesses looking to us to optimize their AP spend and processes. There couldn’t be a better time for Finexio to capitalize on its ability to drive efficiencies and generate new cashflow and revenue for its clients.”
