Payments Platform ConnexPay Raises $110M, Plans European Expansion

Payments gateway ConnexPay has raised $110 million from a growth equity investment by FTV Capital.

The funding, announced in a news release Tuesday (Oct. 25), will help the Atlanta-based company expand in Europe and beyond as well as enhance its payments platform. The investment brings ConnexPay’s total funding to $145 million.

Last year, the company completed a $20 million funding round led by card issuer Marqueta, also for the purposes of expanding in Europe.

Founded in 2017, ConnexPay bills its technology as the only service to connect both sides of the payment ecosystem — making and receiving payments — into one platform.

“The value of the connected ecosystem — which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation — truly transforms companies across many verticals,” said ConnexPay Founder and CEO Robert Kaufman in the release.

The company’s original goal was to serve the travel industry, but it has since expanded to work with verticals that act as payment intermediaries, like online marketplaces, delivery services, ticket brokers, emerging FinTechs, and insurance and warranty providers, according to the release.

This news comes at a time when the payments world is facing a great reshaping, one built on the sector’s foundations but also greatly enhanced by digital innovations that have led to completely new use cases and experiences.

Read more: Legacy Players and Digital Disruptors Will Join Forces to Reshape Payments

That’s the opinion of i2c President Jim McCarthy, who spoke in an interview Tuesday (Oct. 25) with PYMNTS’ Karen Webster for the “Executive Insights Series — The Next Three Years.”

Pointing out the way legacy constructs among issuers and payments processors have been “flattened” by new digital demands, he noted: “As payments become more embedded … with merchants wanting payment capabilities, payouts, gig workers, to me, all these are just use cases that require a rich set of APIs of payment functionality. This is forcing the players in the space to become more fully functional and less wed to classic industry definitions.”