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US-based payments technology company ConnexPay has secured $110m growth equity investment led by FTV Capital, a sector-focused growth equity investor.

Previous investors of ConnexPay also took part in the round.

The funding will allow ConnexPay to boost international expansion in Europe and beyond.

With the proceeds, ConnexPay will also be able to improve its payments platform.

So far, he payments technology firm has raised a total of $145m.

Set up in 2017, ConnexPay was initially built to cater to the travel industry. Currently, it supports several large travel agencies, tour operators, and air and hotel consolidators.

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By GlobalData

It continues to focus on travel industry while also catering to related verticals that operate as payment intermediaries, such as online marketplaces, delivery services, ticket brokers, emerging fintechs, and insurance and warranty providers.

During the last 12 months, ConnexPay has more than doubled its count of active clients and its employees.

ConnexPay’s technology seamlessly links both aspects of the payment ecosystem — accepting and making payments — within one platform, with immediate access to incoming funds and just one reconciliation.

By acting as both acquirer and issuer, ConnexPay can link payments coming in to payments going out, thereby bringing value to both consumers and merchant.

ConnexPay founder and CEO Robert Kaufman said: “ConnexPay was founded to transform the entire payments experience for the travel industry, and now that mission extends to other payment intermediary companies both in the U.S. and around the world.

“The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions ConnexPay to accelerate global commercial success.”

Early this year, the company hired Anant Patel as president of international markets to lead its global expansion.

Patel has 22 years of experience in payments industry and will drive the company’s entry into Europe, APAC and beyond.

ConnexPay prepares for its global launch by the end of year.

As part of the investment, FTV Capital principal Adam Hallquist joined ConnexPay’s board of directors, and FTV Capital partner Chris Winship joined as a board observer.

D.A. Davidson acted as exclusive strategic and financial advisor to ConnexPay.