B2B Accounts Payable (AP) Payment-as-a-Service (PaaS) Enterprise Finexio closed a $30 million fundraising round at a pre-money valuation of $100 million, according to a Monday (July 25) company press release.
Mendon Venture Partners and National Bank Holdings Corporation led Finexio’s funding effort, with participation from Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments and other new and existing investors.
The new capital will allow Finexio to expand its team and accelerate the development of its products.
Finexio enables B2B PaaS capabilities in AP and Procure-to-Pay software platforms, providing enterprise customers with predictive payment and cash flow analytics capabilities, vendor identification and fraud prevention technology. fraud and exception handling automation.
“CFOs of mid-sized and large companies are looking to do more with less, eliminate manual processes to save time, and increase visibility and control of their cash flow,” said Ernest Rolfsonfounder and CEO of Finexio.
“These executives rely on AP2P critical infrastructure software to run their business and make critical decisions,” he said. “Integrating Finexio’s B2B payment capabilities directly into the software and workflows already familiar to the CFO and his teams makes adopting digital payment as easy as possible, creating a fantastic experience for customers. ‘purchaser and beneficiary.’
Related: Scrypt and the Finexio team to streamline the AP process
Last week, Finexio announced a partnership with payments automation provider Scrypt to combine Scrypt’s artificial intelligence-based payments platform with Finexio’s cloud-based B2B payments infrastructure.
The companies’ combined solution offers customers the ability to eliminate the use of paper checks. By doing so, companies can reduce the workload on their finance teams and improve “visibility into the status of payments while providing increased payment security,” the statement said.
Earlier this year, PYMNTS spoke with Rolfson about how AP companies have fallen behind when it comes to digital tools and automation.
“Companies are still tackling this problem largely with paper checks, largely by hand, largely with people,” he said. “You don’t see much on our website about AI or machine learning per se, because those are somewhat scary phrases that don’t necessarily resonate with Joe Smith users of the service – they just don’t want to do things by hand anymore.
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