Finexio Raises $23 Million Following Three Years of Triple-Digit Revenue Growth as Unique AP Payments as a Service Platform
ORLANDO, Fla., Oct. 14, 2020 /PRNewswire/ -- Finexio, a rapidly growing AP payments as a service platform, today announces the closing of a $23 million capital raise, led with a strategic investment from Medalist Partners, an alternative credit manager based in New York. This growth investment supports Finexio's drive to simplify, optimize, and monetize the last mile of the corporate accounts payable process through its cloud based AP payments platform.
This investment builds on Finexio's already impressive customer base, encompassing 400 customers representing $4 billion in annual AP spend, primarily in the manufacturing, hospitality, higher education, and business services verticals. Finexio has experienced explosive growth with its API oriented architecture into vertical-specific AP and Procurement software platforms. Finexio's integrated AP and Procurement software installed customer base has over 150,000 bank accounts generating over $25 billion in accounts payable spend, most of that facilitated via paper check. Finexio provides the infrastructure these platforms need to service their middle-market customers critical and complex b2b payments needs. Finexio provides the only API driven AP Payments as a Service platform in the United States.
In addition to Medalist Partners, other investors in the round include Florida Funders, Post Road Partners, including investors Peter Wirth, Keith Meyers, Paul Friday & Lou DeRose, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto, CEO of Transactis, Finexio senior management, and several leading Fintech and payments industry CEOs.
"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," said Ernest Rolfson, CEO of Finexio. "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."
To further capitalize on its unique approach to AP, Finexio and Medalist are launching an integrated Supply Chain Finance (SCF) solution to complement its existing payment's product. This SCF offering will be the first program designed exclusively to meet the needs of middle-market companies improving cashflow and providing essential liquidity for SMBs in the face of a recession.
Rolfson added, "Creating win-win solutions for buyers and suppliers while strengthening supply chains in a critical time is smart for the country and business. With our SCF solution, Finexio now has the ability to offer suppliers payments When, Where, and How they want them, something not currently available to middle-market companies and their suppliers today.
"Our investment in Finexio represents our belief in the future of payments as a service," said Greg Richter, CEO at Medalist. "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."
About Finexio
Finexio, a pioneer in AP Payments as a Service, focuses on providing end-to-end AP payment capabilities within AP Software and Procurement Software Platforms. This combination represents a powerful disruption to traditional, manual-based AP processes. Strong growth during the pandemic – 46% month over month growth fueled by new customer acquisition – represents a convergence of powerful trends in corporate finance. Finexio's modern, efficient service model, minimal process charges, and total payment solutions translate to high margin revenue streams and a strong competitive position. Learn more about Finexio at www.finexio.com or follow us on LinkedIn.
About Medalist Partners
Medalist Partners is a privately held, SEC-registered, alternative investment manager. Medalist and its affiliates collectively manage approximately $2.4 billion in assets under management across strategies in asset-based private credit, structured credit and CLOs. Founded in 2018, Medalist is headquartered in New York City. Clients include pensions, endowments, foundations, banks, family offices and high net worth individuals. For more information visit www.medalistpartners.com or follow us on LinkedIn.
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Connor Gorman
Finexio
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