Finexio completes $ 10 million funding round oversubscribed for

ORLANDO, Fla., Jan. 5, 2022 (GLOBE NEWSWIRE) – Finexio, the fast-growing accounts payable (AP) payments as a service company, today announced the completion of its $ 10 million double financing oversubscribed in partnership with new investor Mendon Venture Partners which has provided incremental growth capital to meet the demand for digital business-to-business (B2B) AP payment services.

Finexio wins business from leading financial institutions eager to provide modern, cloud-based B2B payment technology to meet customer demand for digital payments and loans, as integrated financing becomes more and more in demand . This expansion to serve financial institutions complements the way Finexio is already deploying white label payment solutions on a large scale across numerous global sourcing and accounts payable software platforms across multiple industries including hospitality, healthcare, higher education, manufacturing and construction.

Ernest Rolfson, Founder and CEO of Finexio, said: “Our ‘Payments as a Service’ platform enables banks to facilitate rich and personalized interactions with buyers and suppliers, higher virtual card usage rates. significant and more payment methods like international and supply chain finance than Finexio’s easily integrated payment solution and unique service culture make us very attractive to financial institutions that want to differentiate themselves deeply to compete, win and retain corporate treasury customers who generate commission income and enable more loan and deposit generation. We are delighted to continue to support banks in their efforts to provide the best possible modern treasury experience for their customers. ”

Mendon Ventures BankTech Fund, a newly launched fintech fund designed to help regional and community banks find new technologies for both investment and deployment, has invested $ 1 million to bring this funding round to $ 10 million. dollars in total. Andrew Marquardt, Founder and Managing Partner of Mendon Venture Partners said: “Finexio presents an exciting opportunity for banks to expand their offerings, better serve existing and new customers, reduce costs and improve overall value. Our investment and partnership highlights Mendon Venture Partners’ unique value-added approach, thesis and position in the service of our banking LPs. “

Patriot Financial Partners, Finexio’s lead investor, provided additional funding after tracking the company’s continued growth throughout 2021. Kirk Wycoff, Managing Partner of Patriot Financial Partners said: “Track record and impact of Finexio continue to impress, especially as it further develops into an integrated financial space and partnership with state-of-the-art financial institutions. Modernizing and improving the accounts payable payment process across all industries still has a long way to go and Finexio will increasingly become a key solutions provider.

“For banks, the benefits of partnering with technology-focused (technology) funds like Mendon and Patriot provide easy access to cutting-edge fintech innovation, significant potential investment gains, and significant competitive advantages in their day-to-day operations, “Joe Proto, noted the president of Finexio.” With its seamless integrated payment solution, Finexio is establishing itself as an easy solution for banks wishing to evolve their offerings. “

Last August, Banc of California (NYSE: BANC) invested in Finexio to deepen its portfolio of product offerings for its business customers and partnered with Finexio to develop associated payment and loan and deposit services. The companies plan to roll out a market-leading B2B AP payment and working capital offering for Finexio and Banc of California customers by the second quarter of 2022.

About Finexio

Finexio is an “AP Payments as a Service” infrastructure company that powers many of the world’s largest accounts payable and procurement software platforms with a user base of 150,000 customers, $ 200 billion in annual spend in B2B AP and more than 3 million suppliers. Finexio is the B2B payment platform of choice for software vendors and banking institutions who want to launch a turnkey digital payment offering to customers within weeks.

Learn more about Finexio at www.finexio.com or follow us on LinkedIn.

About Mendon Venture Partners

Mendon Venture Partners is a venture capital investment firm focused on the intersection of innovative technologies and traditional banking. Mendon Ventures BankTech Fund is dedicated to investing in technologies that primarily serve historic regional and community banks through the fundamental pillars of financial services including big data / analytics, automation, payments, banking / basic processing and risk / compliance. Mendon Ventures intends to realize and add value through its unique approach, aligned partnerships, rigorous analysis and trusted advisory role among market players.

About Patriot Financial Partners

Founded in 2007, Patriot Financial Partners is a Radnor, PA-based private equity firm focused on community banking investments with a secondary focus on financial services and closely related financial technology companies. banking sector. Patriot’s goal is to seek superior risk-adjusted returns by applying a practical, value-added investment model to non-controlling investments.

Media contact

Chad Koontz
Finexio
[email protected]

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Image 1: Finexio

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