Payments services Finix gets USD 30 mln investment

The round was led by Lightspeed Venture Partners and American Express Ventures and saw the fintech startup raising more than USD 96 million in venture capital. Finix helps other startups set up their own payment processing infrastructure systems in-house. Also, the fintech supports online merchants and apps to bring on payments. The boom in ecommerce amid these unprecedented times might be a reason why a business like Finix is growing like it is 2019.

According to TechCrunch, the company makes money by charging customers a software fee and a sliding fee based on the number of payments it processes. Even though it does not make money on a per-transaction basis, it does benefit from customers that have high transaction volume.

Finix recently launched Flex, a new underwriting model that is aimed at helping businesses on archaic systems reduce switching costs between payment providers.

The new cash will be used to double Finix’s team of 85 people by mid-2021.