The oversubscribed Series B funding round was co-led by Mendon Venture Partners and National Bank Holdings Corporation with J.P. Morgan being the largest investor. Other participants included existing fintech investor Patriot Financial Partners, as well as Discover Financial Services, Trogg Hawley Capital LLC and Valley Bank, all of which are new investors.
According to ffnews.com, Finexio provides unique embedded payments capabilities for Accounts Payable and Procurement (AP2P) software providers that want to equip their clients with secure and effective business-to-business (B2B) payments capabilities. Finexio representatives cited by the same source emphasised the oversubscribed nature of the round, particularly in a volatile market environment.
In July 2022, Finexio has announced the first close of its USD 30 million funding round at a USD 100 million pre-money valuation. The round was co-led by Mendon Venture Partners and National Bank Holdings Corporation. Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments, and other new and existing investors also participated in this growth round.
The company's software as a service infrastructure is in use by three of the top 15 largest AP2P providers globally that serve nearly 3,000 customers with USD 160 billion of B2B spend in the US.
In January 2022, Finexio has completed its double-oversubscribed USD 10 million funding round. The funding was achieved in partnership with new investor Mendon Venture Partners, which provided incremental growth capital to meet the demand for digital AP business-to-business (B2B) payments services.
In May 2022, Finexio partnered with Banc of California to enable accounts payable B2B payments solutions to Banc of California's customers.
Finexio’s Banc PremierPay aimed to help the middle-market and enterprise companies that Banc serves in order to minimise AP costs and inefficiencies. According to the Finexio press release, the solution also aims to provide monthly time savings, improved visibility, virtual card payments, control and security and eventually embedded cash flow management products such as supply chain finance and credit lines.
Finexio's platform is linked to Banc of California's existing treasury management and commercial lending offerings. This solution expands the service capabilities offered to business clients across hospitality, legal, healthcare, manufacturing, construction, and entertainment.
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