ConnexPay, a payment provider changing the way travel intermediaries do business, announced on Thursday it secured $7 million through its Series A funding round led by BIP Capital.
Founded in 2017, ConnexPay claims it is transforming payment acceptance and issuance for Online Travel Companies and E-commerce providers by offering a revolutionary way to minimize risks and reduce costs in accepting payments from clients and issuing payments to suppliers while avoiding the need for large lines of credit or prepayments.
“The comprehensive, integrated solution incorporates powerful fraud management, PCI-certified payment acceptance and payment issuance — driven by ConnexPay’s patent pending intelligent routing and single-use virtual cards — to handle every step of the process, all through a single provider under a single contract.”
ConnexPay also announced it is expanding the issuance of Visa virtual cards in the travel industry. The company reported that by teaming up with Visa’s issuing and acquiring financial institution partners, it enables its customers to seamlessly use Visa single-use virtual credit cards to enable payments to travel suppliers. Bob Kaufman, founder and CEO of ConnexPay, stated:
“Collaborating with Visa to help expand issuance of Visa virtual cards provides a substantial boost to ConnexPay. 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.”
Taira Hall, vice president, Visa Business Solutions, went on to add:
“Visa is at the forefront of innovation in payments globally. Our collaboration 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.”
