The funding was achieved in partnership with new investor Mendon Venture Partners that provided incremental growth capital to meet the demand for digital AP business-to-business (B2B) payments services.
Finexio has been winning business from top financial institutions eager to provide modern and cloud-based B2B payments technology to meet customer demand for digital payments and lending.
The company is deploying at scale white label payment solutions in global procurement and accounts payable software platforms across multiple sectors including hospitality, healthcare, higher education, manufacturing, and construction.
In August 2021, Banc of California had invested in Finexio to deepen its portfolio of product offerings for its business clients and partner with Finexio to build out payment and related loan and deposit services. The companies plan to roll out an AP B2B payments and working capital offering for both Finexio’s and Banc of California’s customers by the second quarter of 2022.
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