Finexio, a AP payments as a service platform, announced on Wednesday it secured $23 million through its latest investment round, which was led by Medalist Partners, an alternative credit manager based in New York.
Founded in 2015, Finexio explained that it simplifies accounts payable payments for medium and large corporates by digitizing manual paper checks. The company’s comprehensive Accounts Payable “Payments as a Service” solution leverages proprietary analytics and robotic process automation to drive maximum conversion rates of suppliers to electronic payments.
“Finexio’s intelligent business to business payment network identifies, delivers, and supports ten forms of payment, generating revenue and cost savings for Accounts Payable departments while offering complete transparency and control of the payment process.”
While sharing more details about the investment round, Ernest Rolfson, CEO of Finexio, stated:
“This funding round represents a critical milestone for Finexio, enabling us to leverage our innovative payments platform to reach more customers just as CFOs are seeking cost reductions and greater automation in the face of margin compression and cash flow challenges due in part to COVID. Our business is at an inflection point with more businesses looking to us to optimize their AP spend and processes. There couldn’t be a better time for Finexio to capitalize on its ability to drive efficiencies and generate new cashflow and revenue for its clients.”
Greg Richter, CEO at Medalist, further commented:
“Our investment in Finexio represents our belief in the future of payments as a service. Finexio is ideally positioned to take advantage of the transition away from paper checks and manual processes towards payables platforms offering increased cash flow, lower costs, and automation.”
Finexio added that the investment round’s funds will be used to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud-based AP payments platform.
