Finexio, an accounts payable (AP) Payments-as-a-Service (PaaS) company, announced an oversubscribed $8 million funding round, according to a press release.
The Orlando-based supplier of AP software platforms will use the money to accelerate growth across multiple verticals — including higher education, hospitality, healthcare and manufacturing — and also to partner with new AP and procurement software distributors and expand its leadership team.
Since the beginning of the pandemic, Finexio has increased its B2B payments volume by 500 percent. It also delivered revenue growth by 161 percent because of its proprietary white-label payment offering supplies to AP and procurement software firms.
“Finexio is the leading choice for AP and procurement software platforms seeking to introduce a robust and highly differentiated B2B payments-as-a-service offering to their thousands of end-user customers,” said Finexio Founder and CEO Ernest Rolfson in a statement. “[Our] white label offering delivers virtual card adoption and revenue rates that exceed industry averages.”
Patriot Financial Partners led the financing after charting the company’s continued growth, especially over the last year. Banc of California also invested and will help build out payment, loan and deposit services for the FinTech company. Other investors included Phase 2 Partners, Advection Investors, XN Ventures and EOM Investments as well as several leading private equity executives.
One of the investors, Joe Proto, former founder and CEO of Transactis (now a part of Mastercard), has become Chairman of Finexio’s Board of Directors. He will work with Rolfson to guide the company as it continues to scale.
“Businesses expect the same advantages from technology automation that consumers enjoy,” said Proto. “COVID has been a super catalyst for B2B digital transformation. Finexio’s growth is a testimony to the automated accounts payable strengths that we bring to our partners and customers.”
In October, Finexio raised $23 million. The round was headed up by a strategic investment from New York-based Medalist Partners.
Read more: Finexio Raises $23M Towards Providing AP Payments Tools
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