Payments infrastructure platform Finix, has raised $35 million in a Series B funding round led by Silicon Valley VC Sequoia.
Acrew Capital, Bain Capital Ventures, Activant Capital and Inspired Capital joined the round, which comes just seven months after Finix's $17.5 million Series A.
Built by former executives from Stripe, Klarna, PayPal, and Worldpay, Finix enables companies to build their own payments processing stack using a series of basic APIs and dashboard reporting systems. Available on a fixed pricing model, the company says enterprises can have their systems up-and-running in as little as two months and at a fraction of the $3-5 million average cost of building a framework inhouse.
The company is one of several players taking advantage of a growing appetite for back-end, embedded fintech tools. "Just as Marqeta made it easy to issue cards, and Plaid [just acquired by Visa for $5.3 billion] made it easy to access account information, Finix is making it easy to own payments," says a statement.
The new funding will be used to beef up a team that currently numbers just over 60 in San Francisco and Cincinnati and to launch in new markets.
"Historically it was difficult for software companies to bring payments in-house, but Finix is changing that,” says Pat Grady, partner, Sequoia. “As more software companies look to become payment companies, Finix's developer-friendly building blocks have made it possible for software companies to fully own and monetize their payments, without needing a massive internal payments team.