Payment processing solutions provider Finix has raised $75m in its Series C funding round.

The round was jointly led by Acrew Capital, Lightspeed Venture Partners and Leap Global.

Over the past years, Finix has been focused on reimagining payments from the ground up, culminating in its status as a ‘full-stack acquirer processor’.

Finix CEO and co-founder Richie Serna said: “We’re incredibly excited to announce that we’ve closed a $75m Series C led by Acrew Capital, co-led by Lightspeed Venture Partners and Leap Global.”

A processor, Serna defines, is a company that connects directly into the major card networks to transmit payment transaction data and funds on behalf of a merchant.

This direct integration is costly and complex, requiring substantial research and development (R&D) investment, high integration fees, and strict compliance certifications.

Despite these challenges, Finix invested to become an acquirer processor with direct connections to all major card networks.

The CEO highlighted the limitations of legacy processors, which dominate approximately 80% of the US merchant processing market. These processors, built in the 1990s, are often unable to meet the modern demands of businesses, leading to fragmented solutions and significant reconciliation issues.

In contrast, Finix has positioned itself as a ‘flexible’ and ‘future-proof’ alternative for businesses of all sizes, especially those without in-house development teams.

Addressing the shortage of engineering resources and the competitive landscape for developer talent, Finix has developed a suite of no-code/low-code payment solutions.

It aims to continue driving innovation in the payments sector with features such as no-code/low-code capabilities, omnichannel support, multinational capabilities, and real-time payouts.

In February this year, Finix launched its unified payment suite in Canada through a partnership with Peoples Trust Company, part of Peoples Group.