Payments technology startup ConnexPay announced $7 million in Series A funding Thursday (June 27), as well as an expanded collaboration with Visa to reduce friction in accepting virtual cards.
In a press release, the payment provider announced new funding from BIP Capital, which is investing in ConnexPay’s payments technology that addresses issues in B2B payments within the travel sector. The company provides real-time payments matching from travel buyers to suppliers and enables real-time issuing of single use virtual cards for firms like travel agencies and tour operators to pay travel suppliers.
ConnexPay’s patent-pending technology uses APIs to connect businesses to a PCI-compliant portal, and in North America, the company is deploying Marqeta‘s card issuing technology.
“ConnexPay reduces risk, lowers the cost of accepting cards, and enables unlimited credit and easier reconciliation,” explained BIP Capital Co-founder and CEO Mark Buffington.
In addition to the new funding, ConnexPay announced an expanded collaboration with Visa to issue Visa virtual cards.
“Collaborating with Visa to help expand issuance of virtual cards provides a substantial boost to ConnexPay,” said ConnexPay Founder and CEO Bob Kaufman in a statement. “Our intention is to be a game-changer for travel intermediaries and our successful funding round launches us one step closer to making this mission a reality.”
In another statement, Taira Hall, Visa’s vice president of U.S. partnerships and new initiatives, said its partnership with ConnexPay “reflects a strong desire to strengthen Visa’s position in the business-to-business travel vertical, and to do so alongside partners such as ConnexPay.”
In addition to enabling virtual B2B payments within the travel sector, ConnexPay is also expanding its presence in the eCommerce market like online marketplaces, online bill payment portals and event ticket brokerages. In addition to an expanded partnership with Visa, ConnexPay’s latest funding is being used to fuel its growth in verticals beyond the travel space, the company said, as well as to invest in technology development and growing its team.
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