Finexio, FinTech AP Payments Company, Announces $2.5 Million Expansion Financing, Key Milestones, and New Board Members
ORLANDO, Fla., December 4, 2019 (Newswire.com) - 2019 was another breakout year for Finexio, an Accounts Payable Payments “FinTech” company, a leader in the business-to-business payments area, the largest remaining paper-based payment segment with $12 trillion spent on paper checks in the U.S. alone. Finexio provides the most comprehensive, the most effective AP payment solution in the U.S. market. Due to the ease of its implementation, corporate customers routinely select the solutions over similar offerings. Differentiators include intelligent supplier enablement, white-glove customer support, and integrated payables to cover the entirety of corporate AP disbursement needs while maximizing paper to electronic payment conversion within accounts payable.
2019 gross dollar volume (GDV) increase is nearly 300% over the prior year. This follows a 375% increase in the year before. Transaction volume in 2019 has increased on average 24% month over month due to customer wins, new payment products, and Finexio’s superior supplier enablement capabilities. Further, in 2019 the total dollars in Finexio’s proprietary b2b payment network have grown on average 31% month over month, as an increased number of suppliers and spend elect to be paid by Finexio via virtual card or ACH instead of paper checks.
Finexio’s customers pay upwards of $2.5 billion to over 35,000 suppliers every year. Moreover, Finexio is embedded with channel partners whose customers spend north of $15 billion annually, predominantly on paper, providing a large base of customers and spend for Finexio’s AP payment solution to address in the coming years.
To accelerate Finexio’s growth, the company is pleased to announce that it has raised $2.5m expansion capital by both existing and new investors, the majority of whom are seasoned FinTech investors, payments industry executives, and experienced board members with many nine-figure exits through IPO. Along with the financing, the company has appointed Sunil Sabharwal to serve on its board of directors. Most recently, Sunil was Chairman of Earthport, a cross-border payments company listed on the London Stock Exchange's AIM market, which was acquired by Visa earlier this year. Prior to serving on Earthport’s board, Sunil was the U.S. board member at the International Monetary Fund and served across two administrations. Earlier in Sunil’s career, he was Chairman of the Board of Ogone until its acquisition by Ingenico, and held senior positions at First Data / Western Union and GE Equity.
Sr Payments industry executives Gary Staub and David Truetzel also join Finexio’s advisory board to help provide strategic direction to CEO Ernest Rolfson and his leadership team. Staub has a long career in developing and launching payments fee income products in the banking sector. Prior to advising Finexio, Gary served as head of sales and marketing at Sterling Payment Technologies which was acquired by EVO Payments International in early 2017. David Truetzel was the CFO of Paymentech prior to and through its IPO and subsequent acquisition by JP Morgan Chase. According to the Nilson Report, Paymentech is now the second-largest merchant acquirer in the world. David was a co-founder of Clearent, a leading merchant acquirer, and served on its board of directors until it was recapitalized by Advent International in 2018.
“We are just scratching the surface of the AP paper check to electronic conversion wave in the U.S.,” said Finexio, CEO and Founder, Ernest Rolfson. “We believe the market will continue to shift towards electronic payment types for business-to-business payments, and Finexio is well-positioned to capture increased market share in the coming years,” added Rolfson. “Having the financial support and domain expertise of senior financial technology and banking executives will help us execute our vision even more rapidly - with the added benefit of experience, perspective, and long-term relationships.”
About Finexio
Finexio simplifies Accounts Payable payments by eliminating all friction in payment delivery and supplier payment acceptance. Finexio’s comprehensive Accounts Payable “Payments as a Service” solution leverages proprietary analytics and robotic process automation to drive maximum conversion rates of suppliers to electronic payments. Finexio’s intelligent business to business payment network identifies, delivers, and supports a variety of outbound payment methods to generating revenue and cost savings for Accounts Payable departments while offering complete transparency and control of the payment process. To learn more, visit Finexio’s website at https://finexio.com.
Source: Finexio
