Payments infrastructure platform Finix will accelerate its mission to help businesses bring their payments to stack in-house following a $17.5 million Series A round.
The round was led by Bain Capital Ventures, with participation from Insight Venture Partners, Aspect Ventures and Visa, along with existing investors Homebrew, Precursor Ventures and Act One Ventures.
This brings the total capital raised to over $20 million for Finix, which gives businesses control over their own payments stack without having to develop an in-house system from scratch.
The funding will be used to drive product development and global sales.
“Payments technology has reached an exciting tipping point,” says Richie Serna, CEO and co-founder of Finix. “What companies like Lyft, Airbnb and MindBody all have in common beyond their high valuations is payments: they have each built their own payments stack. Our mission is to provide the foundation for the next generation of multi-billion dollar payments businesses by empowering them to become payment facilitator in months, not years.”
YOU MAY ALSO READ: Ethiopia to Host 2019 Africa Fintech Summit
Rather than spending up to $5 million on a new system, Finix customers can become a payment facilitator in as little as two months, on Finix’s fixed pricing model. Businesses can configure their own unique payments stack with easy-to-use APIs and dashboards.