APEXX Global has raised $25 million in a Series B funding round for its payments orchestration platform.
The firm will use the new funding to expand its presence in North America, enhance its capabilities and add more payment methods to the payments orchestration and buy now, pay later (BNPL) aggregation that it already offers to merchants around the world, APEXX Global said in a Monday (March 13) press release emailed to PYMNTS.
“We’ve seen strong growth across international markets, delivering significant cost savings and transaction conversion benefits,” APEXX Global Co-founder and CEO Peter Keenan said in the release. “We look forward to using these funds to further consolidate our position in driving the future of global payments.”
The AAPEX Global payment orchestration platform is designed to be a one-stop shop offering merchants access to payments services providers and BNPL solution providers through an application programming interface (API), according to the press release.
The data-driven payments orchestration platform is a way of “putting more control back into the hands of merchants” who can test a different acquirer or payment service provider (PSP) every other day on the platform, without any commitment or having to do deep integrations, to increase their conversion rates, APEXX Global Co-Founder and Chief Commercial Officer Toreson Lloyd told PYMNTS in an interview posted in December 2021.
“If a transaction is unsuccessful, they can simply retry with a separate issuer whose risk rules might be slightly different, or who the merchant may have a better history with,” Lloyd said at the time.
PYMNTS research has found that payments orchestration systems are critical for preventing payment method declines by integrating new payment methods and different payment gateways in a seamless and customer-friendly way.
If a given payment gateway is offline such a system will automatically route the payment through a new gateway and complete the transaction without any intervention from either the merchant or the customer, according to the “Payments Orchestration Playbook,” a PYMNTS and Spreedly collaboration.
The investors in the payment orchestration platform’s latest funding round include MMC Ventures, the release said.
MMC Ventures Chairman and Co-founder Alan Morgan, who will take a seat on APEXX Global’s board, said the firm has reached “an inflection point” by gaining large enterprise accounts, per the release.
“We’ve seen good momentum in terms of customer growth, and we are delighted to continue to back Peter and his talented team as they work with merchants to rethink payments and save money,” Morgan said in the release.
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