Finix becomes able to process payments

As a processor, Finix is directly linked to all major US card networks—American Express, Discover, Mastercard, and Visa. This allows Finix to offer more businesses fast onboarding, innovative products, and streamlined payment operations.

Company officials said that Finix has built for complex customers and use cases and put all of that power behind simple APIs and an easy-to-use dashboard with low-code to no-code solutions. They offer flexible technology that scales with businesses as they grow and as payments technology evolves. As a processor, they can reach more businesses and offer even more configurability, reliability, and pricing flexibility through a single integration.

Now that Finix is a processor itself, it can offer customers the following:

• Faster speed to market and product velocity by removing third-party dependencies;

• Hundreds of new industry verticals (MCCs), markets, and commercial opportunities;

• Higher authorisation rates with an expanded quantity of industries supported;

• Improved economics and opportunities for streamlining operational cost;

• Streamlined sponsorships for new PayFacs and registered Marketplaces;

• Reliable and streamlined reporting that can aid in settlements;

• Increased efficiency for finance and operations teams;

• Integrated compliance and in-house PCI tools;

• Greater control over payment operations;

• Higher availability and uptime.

Similarly, Visa, Mastercard, Discover, and American Express certified Finix as a processor thanks to Finix's payments expertise and technology.

Other industry players, such as Visa, commented that as an agile processing partner, Finix is moving payments technology forward by streamlining operations for platforms and payment facilitators. They're happy to have Finix directly connected to their network to bring dynamism and innovation to the acquirer space.

Finix raises USD 30 million in funding

In August 2022, Finix has raised USD 30 million in new venture capital, bringing its total known raised to USD 133 million, with new investors taking part to the round.

The round comes nearly two years after the do-it-yourself payments company closed a USD 30 million extension to its USD 35 million Series B and about 18 months after it raised a USD 3 million SPV led by LatinX and Black investors.

New and existing backers The General Partnership (TheGP), Franklin Templeton, Acrew Capital, American Express Ventures, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, and Vamos Ventures participated in the company’s latest round.

Finix did not disclose its valuation, noting in the press release that the capital was raised this summer and ‘occurred at an increased valuation.’ The SaaS startup’s core business helps software companies process their own payments through flexible software, though it has since expanded into being a direct payments facilitator.