Payments technology company ConnexPay has announced a $110 million growth equity investment. The funding round was led by FTV Capital, and previous ConnexPay investors also participated.
Recognized as a PhocusWire Hot 25 Startup for 2020, ConnexPay plans to use its latest financial infusion to expand into new verticals and geographies and enhance its payments platform. This funding round brings its total raised to $145 million, having previously closed a $20 million in Series B funding round in December 2021. The United States-based company has locations in Minnesota, Georgia and Florida.
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ConnexPay says its technology integrates both sides of the payment ecosystem - accepting and making payments - inside a single platform.
“By serving as both acquirer and issuer, ConnexPay can easily connect payments coming in to payments going out and bring real value to both the consumer and merchant,” according the company.
Founded in 2017 to serve the travel industry, ConnexPay says it “continues to focus on travel while also serving related verticals that function as payment intermediaries, such as online marketplaces, delivery services, ticket brokers, emerging fintechs and insurance and warranty providers.”
Over the past 12 months, ConnexPay says it has more than doubled its number of active clients and its employee count. The company claims it is profitable while offering market-leading rebates to its clients and processing billions of dollars in payments.
ConnexPay founder and CEO Robert Kaufman says: “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.
“With FTV’s proven track record in payments and its extensive Global Partner Network,” Kaufman adds, “we are confident this partnership positions ConnexPay to accelerate global commercial success.”
Early this year, the company hired Anant Patel as president of international markets to lead its entry into Europe, APAC and beyond. As ConnexPay prepares for its global launch by year-end, this investment will support technology enhancements and new hires for its international team, according to the company.
Patel discusses how ConnexPay’s technology simplifies companies’ workflow in a conversation with PhocusWire's editor in chief Mitra Sorrells at Phocuswright Europe.
Adam Hallquist, principal at FTV Capital, says ConnexPay is “well positioned to further scale in its core markets while also winning in new markets as commerce intermediaries seek simpler, more convenient and more cost-effective payment solutions.”
As part of this growth investment, Hallquist joins ConnexPay’s board of directors, and Chris Winship, partner at FTV Capital, joins as a board observer.