August 10, 2022, SAN FRANCISCO — Finix, a provider of payment processing services for software platforms, revealed today that it has raised USD 30 million in new funding, increasing its total funding to USD 133 million. Despite the more challenging economic climate this year, Finix was raised at a higher valuation.
The General Partnership (TheGP), American Express Ventures, Acrew Capital, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, Vamos Ventures, and others participated in the round as new and existing investors.
Here is what TheGP managing partner and co-founder Dan Portillo had to say about his investment in Finix:
“Only 9% of payments are digital, which is a startlingly low percentage for the payments industr, And if the past two years have taught us anything, companies with flexible and adaptable payment systems are best positioned to gain from the shift of commerce online. TheGP invested in Finix because we think they are the only payments company that can give software platforms the adaptability they need to grow successfully.”
This is the rationale for Matt Harris’ decision to increase his investment in Finix:
“Businesses integrating financial services when and where their clients need them most is the focus of the upcoming fintech generation. The kind of cutting-edge payments infrastructure provider that makes this embedded experience feasible, such as Finix, is a prime example. BCV is pleased to keep assisting in its expansion.”
The goal of Finix is to build the most open ecosystem of financial services ever, beginning with payments. Over the previous year, Finix has demonstrated outstanding growth and rapid product development.
Here is a rundown of recent accomplishments of the company:
Enrolled as a registered payment facilitator to serve software platforms of different sizes, with total payment volumes ranging from $0 to over $1B.
It has increased the number of in-person payment methods and equipment it offers.
Introduced several tools to assist software platforms in managing payment processes while boosting sales and reducing costs.
Powered on its platform were annual payments totaling billions of dollars.
From 2020 to 2021, the overall volume of payments will double.
It was expanded to provide monthly assistance for more than 12,000 active sub-merchants.
Finix is committed to becoming the go-to payments provider for software platforms, and the firm is well on its way there—its highest quarter in terms of new deals won was in Q2 2022. Finix intends to introduce more tools over the next months to assist software platforms in better managing their merchants and payments.
Software systems, including Lightspeed POS Inc., Passport, and Kabbage from American Express all use Finix’s payments technology. Finix is a privately held firm with its main office in San Francisco and a second location in Chicago. American Express Ventures, Bain Capital Ventures, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Sequoia Capital, Visa, and other investors have funded the business.
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