US-based B2B payments platform Finexio has received $14m investment, which marks the initial close of its $30m Series B investment round.
The accounts payables (AP) payments-as-a-service provider raised the fresh infusion at a $100m pre-money valuation.
Mendon Venture Partners and National Bank co-led the latest round. Discover Financial Services, Post Road Partners, The Banc Funds, EOM Investments, as well as various new and existing backers also joined the fundraising.
Finexio aims to use the new capital to further help AP and procurement software firms incorporate its B2B payments-as-a-service offerings.
The company also plans to induct new employees and speed up the development of additional products.
Finexio noted that its software as a service portfolio is currently being used by three major global AP and Procure to Pay Software (AP2P) companies that are offering services to approximately 3,000 clients with $160bn of B2B expenditure in the US.
Last year, the company’s revenue surged 236% while gross dollar volume (GDV) jumped 211%.
The company attributed this growth to integrated channel alliances and corporate expenditure done through its platform across the construction, manufacturing, hospitality, and higher education sectors.
Finexio founder and CEO Ernest Rolfson said: “CFOs at medium and large-sized corporations are looking to do more with less, eliminate manual processes to save time, and increase visibility and control of their cashflow.
“These executives rely on critical infrastructure AP2P software to run their business and make critical decisions.
“Embedding Finexio’s B2B payments capabilities directly into the software and workflows already familiar to the CFO and their teams makes digital payment adoption the simplest it has ever been, which creates a fantastic buyer and payee experience.”
In August last year, Finexio raised $8m in institutional funding with an aim to expand its payments-as-a-service for global procurement and AP software products.