Online Bank PayQix Sees $11M Added To Series A

Online bank and SMB management technology platform startup PayQix recently announced it had received an $11 million investment from an unnamed source. The $11 million is a dedicated tranche of a $21 million Series A venture funding round the startup currently has open.

The $11 million investment is to be put toward opening PayQix’s bank in Luxembourg, the company reported, with the other $10 million put toward building out the startup’s technology platform.

PayQix’s business and transaction management platform for SMBs bridges the gaps between social media, sales, marketing and business automation tools. Additionally, the platform features legacy transaction management tools such as PayPal and QuickBooks.

“Fundamentally, businesses are needs-based and relationship-driven, so the next generation of global online banks need to facilitate the full transaction cycle for every customer,” said Jose Graca, CEO at PayQix. “Solving these problems means more loyalty and therefore more transactions. Increased transaction volume equates to more revenue and stronger relationships that drive trust and future business. We don’t wait for deposits and loans to be made; we actively create value for our customers at every intersection of their business.”

PayQix’s technology platform reportedly features a secure and scalable architecture that works to solve for core business problems SMBs face. The platform is both market- and sector-agnostic as well as omnichannel. PayQix reports it is in conversations with leading banks in the EU to discuss rolling out the solution to their customers.

Tom Szabo, COO and head of global partnerships at PayQix, said, “[We] expect this marketplace both to grow and consolidate quite a bit over the next 10 years.”