What is ConnexPay?
ConnexPay is at the forefront of modernizing payment distribution, offering an integrated solution that combines merchant acquiring and virtual card issuing capabilities. Designed for mid-sized companies, its innovative technology streamlines complex and often antiquated workflows. By eliminating the need for pre-funded accounts and reducing the costs and risks associated with accepting card payments, ConnexPay enhances security and efficiency for its clients, particularly those in industries traditionally considered high-risk by payment providers. Founded in 2017, the company is rapidly establishing itself as an industry leader.
How much funding has ConnexPay raised?
ConnexPay has raised a total of $137.7M across 5 funding rounds:
Other Financing Round
$355K
Series A
$7M
Debt
$350K
Series B
$20M
Other Financing Round
$110M
Other Financing Round (2018): $355K with participation from Tamiami Angel Fund III
Series A (2019): $7M led by BIP Capital
Debt (2020): $350K supported by PPP
Series B (2021): $20M featuring Marqeta
Other Financing Round (2022): $110M backed by FTV Capital
Key Investors in ConnexPay
BIP Capital
BIP Capital is a prominent venture investor in the Southeast, known for its active role in supporting emerging companies and providing operational guidance to foster growth.
Marqeta
Marqeta is a global platform for modern card issuing, empowering innovators with the tools to manage sophisticated payment programs.
FTV Capital
FTV Capital is a growth equity firm specializing in investments within enterprise technology, financial services, and payments, focusing on high-growth companies.
What's next for ConnexPay?
The recent major strategic investment positions ConnexPay for accelerated growth and further innovation in the payments sector. This substantial backing, following previous rounds including Series A and Series B financing, indicates strong investor confidence in ConnexPay's business model and its capacity to capture a larger market share. The company is likely to leverage this capital to expand its technological capabilities, enhance its market reach, and potentially explore new industry verticals, solidifying its position as a key player in payment solutions.
See full ConnexPay company page
