The Atlanta-based Fintech startup Connexpay has raised $110 million in growth equity investment led by FTV Capital to take the company beyond the US and Europe. The funding will enable ConnexPay to continue enhancing its innovative payment platform. The round also witnessed participation from previous ConnexPay investors.
ConnexPay is a payments technology firm that combines payment acceptance and issuance on a single platform. ConnexPay’s technology unites both sides of the payment ecosystem — accepting and making payments — under a single platform with real-time access to incoming money and only one reconciliation.
“ConnexPay was founded to transform the entire payments experience for the travel industry, and now that mission extends to other payment intermediary companies both in the US and around the world,” said Robert Kaufman, founder and CEO.
“The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions us to accelerate global commercial success.”
The fintech platform can connect payments coming into payments by serving as both acquirer and issuer, bringing significant value to both the consumer and merchant.
Whereas other firms offering issuing and acquiring require several contracts, multiple account teams, and numerous technology integrations, ConnexPay only requires one integration point, one contract, and one team.
In addition to these platform and process advantages, it offers lower payment acceptance costs and large card refunds, which help its clients’ bottom lines.
ConnexPay is positioning itself for global expansion
ConnexPay appointed Anant Patel as president of international markets in early 2022 to manage the company’s global expansion. Patel, a 22-year veteran of the payments business, offers a wealth of knowledge to the company and will drive its expansion into Europe, APAC, and beyond.
The business has also demonstrated success as a Bank Identification Number (BIN) sponsor and card processor, enabling fintech and other corporations to use its innovative platform. The company’s patent-pending Intelligent Purchases Routing technology selects and automatically issues the type of virtual card from more than 40+ BINs to optimize the payment based on desired results.
ConnexPay was founded in 2017 to service the travel industry, and it now supports several top travel agencies, tour operators, and air and hotel consolidators. The company’s primary focus remains travel, but it also serves similar verticals that act as payment middlemen.
“ConnexPay’s differentiated technology, coupled with its rapid and profitable growth and seasoned leadership team, convinced us that it is well positioned to further scale in its core markets while also winning in new markets as commerce intermediaries seek simpler, more convenient and more cost-effective payment solutions,” said Adam Hallquist, principal at FTV Capital.