Finexio, the fast-growing B2B accounts payables (AP) Payments-as-a-Service company, today announces the successful completion of an oversubscribed $35 million Series B funding round at a $100 million pre-money valuation.
Mendon Venture Partners and National Bank Holdings Corporation (NYSE: NBHC) co-led the financing. J.P. Morgan was the largest investor in the growth round. Existing fintech investor Patriot Financial Partners participated in addition to new investors Discover Financial Services (NYSE: DFS), Valley Bank (NASDAQ:VLY), Trogg Hawley Capital LLC, and other leading financial services and fintech C-suite executives.
Finexio continues to demonstrate leadership in providing unique embedded payments capabilities for Accounts Payable and Procurement (AP2P) software providers that are seeking to quickly deploy robust, secure, and effective business-to-business (B2B) payments capabilities to their clients. An increasing number of financial institutions are partnering with Finexio to bring improved spend management and electronic spend conversion capabilities to their medium and large-sized corporate clients and wholesale bank customers.
Ernest Rolfson, Finexio Founder and CEO, said, “We are thrilled to announce an oversubscribed round by leading fintech venture capital investors and leading innovative financial institutions, particularly in a volatile market environment. Despite an uncertain period in the global economy, Finexio’s team, investors, and partners are certain about the tremendous value embedded “AP Payments as a Service” is providing to large AP2P software platforms.” Added Rolfson, “Finexio’s high quality software embedded payments service will continue to grow triple digits in the coming years.”
Joe Proto, Finexio’s Chairman and serial fintech entrepreneur, added, “On behalf of all of us at Finexio, we are so honored to welcome our well known and respected Series B investors. We are very grateful to all our clients, employees and shareholders for their commitment to our success and proud of our new world-class investors joining us to complete this round.”