ConnexPay plans to use this investment to build out its business with online marketplaces and other commerce intermediaries, which make up a significant portion of its current sales pipeline. In addition, the new round of funding will be used to expand the ConnexPay platform into Europe with increased hiring and technology development to support multiple currencies, and languages.
ConnexPay has been a Marqeta customer since 2018, and Marqeta also made an investment in the company as part of its Series A. The current investment marks Marqeta’s first corporate investment since going public in June 2021. As part of this investment, Marqeta will have one seat on ConnexPay’s board.
ConnexPay believes it is the first company to connect both sides of the payment ecosystem. In specific verticals, like marketplace businesses or commerce intermediaries, by acting as both acquirer and issuer, ConnexPay can connect payments in to payments out and bring value to both the consumer and merchant. Whereas other companies offering issuing and acquiring require negotiating multiple contracts, account teams and technology integrations, ConnexPay requires just one integration point.
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