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June 28, 2019

Payments firm ConnexPay obtains $7m funding

ConnexPay, a US-based payments firm serving travel and e-commerce providers, has raised $7m in a Series A funding round.

The round was led by venture capital firm BIP Capital.

BIP Capital co-founder and CEO Mark Buffington said: “ConnexPay is transforming online payment acceptance and issuance for the travel industry.

“ConnexPay reduces risk, lowers the cost of accepting cards, and enables unlimited credit and easier reconciliation. We’re pleased to work with the ConnexPay team to continue to accelerate the company’s growth.”

With the new capital, ConnexPay aims to support its expansion into new markets.

The firm also plans to develop its technology and increase staff headcount using the money.

ConnexPay matches payments from travel buyers to travel suppliers.

The firm has a tie-up with Visa, which enables its customers to pay travel suppliers using Visa single-use virtual credit cards.

ConnexPay also struck a partnership with Marqeta, under which it leverages the latter’s issuing technology.

ConnexPay founder and CEO Bob Kaufman said: “Collaborating with Visa to help expand issuance of Visa virtual cards provides a substantial boost to ConnexPay.

“Our intention is to be a game-changer for travel intermediaries and our successful funding round launches us one step closer to making this mission a reality.”

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