UK-based Source-to-Pay software solution provider Proactis has announced its partnership with AP Payment-as-a-Service company Finexio to expand Proactis’ offerings.
Following this partnership, the companies aim to expand Proactis’ end-to-end software platform offerings in order to include an AP (Accounts Payable) payments service. This solution will allow controlling and optimizing AP spend and cashflow services while focusing on eliminating manual, costly processes from B2B payments.
Finexio’s B2B payment technology and software will also be added to Proactis’ suite of solutions for mid-market businesses and organisations. This will allow companies to optimise spend and supply-chain strategies in order to improve their overall performance.
Finexio’s integrated payment solution will also offer Proactis clients and customers multiple services, such as suppliant enablement, payments-specific strategic account relationship management, payment operation, settlement support, fraud, risk detector, and payments and banking data security capabilities.
Furthermore, users will be allowed to leverage Proactis’ Rego Payments services, which provide a streamlined AP payments experience while delivering an improved ROI by eliminating fraud-prone paper checks, lower payment costs, and manual processes. The AP payment experience covers multiple payment types and channels: wire, virtual card, paper checks, and ACH.
US-based AP Payment-as-a-Service company Finexio is focused on offering end-to-end payment capabilities embedded in AP software platforms, financial institutions, and procurement.
The Finexio infrastructure and APIs offer predictive payment and cash flow analytics capabilities, supplier technology, fraud prevention and detection technology, as well as processing automation services. These features allow corporate end-users to identify, deliver, and support 100% of their business payments in a digital manner, making it possible for them to provide an easy and seamless transition offering, away from manual payment processes and costly paper checks.
The company announced in October of 2022 its raise of USD 35 million in Series B funding, at a USD 100 million pre-money valuation.
The funding round was co-led by Mendon Venture Partners and National Bank Holdings Corporation with J. P. Morgan being the largest investor in the list. According to the press release published at the time, Finexio offered embedded payment capabilities for Account Payable and Procurement (AP2P) software providers that focused on equipping their users with effective and secure B2B payment offerings.
The news went live after Finexio disclosed the first close of its USD 30 million funding round at a USD 100 million pre-money valuation in July 2022.
Earlier in May, Finexio teamed up with Banc of California to bring accounts payable B2B payments solutions to Banc of California’s customers.
The partnership focused on providing Banc PremierPay with the possibility to help middle-market and enterprise companies reduce AP costs and inefficiencies. The solution also offered monthly time savings, virtual card payments, control, and security, as well as eventually embedded cash flow management products, including supply chain finance and credit lines.
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