James R. Heistand led the investment, with participation from existing and new investors Florida Funders, Loeb.nyc, Zach Coelius, Mobile Financial Partners (Harry Hopper), and additional angel investors. This investment brings the total funding since Finexio’s launch to USD 5 million, helping the company expand its sales and marketing efforts.
Since launching in early 2017, Finexio has increased gross dollar transaction volume at an average of 78% month-over-month. Using closed-loop payment networks and straight through processing, Finexio eliminates the need for suppliers to manually key physical numbers into a terminal to receive funds. These capabilities provide Finexio with an advantage over incumbent payment software vendors and legacy money center banks, claims the company.
Finexio’s B2B payments technology fills a need in the corporate payments space. The company’s mission is to eliminate that US paper check spend. Launched in early 2017 by former executives from MasterCard and Change Healthcare, Finexio provides an API used by accounts payable platforms, ERP systems, and corporations directly. The company’s patent-pending technology identifies which suppliers can be paid electronically and then routes payments to suppliers without requiring bank account information.
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