Finix, a software company, has reportedly raised $75 million in a Series B funding round, led by investors such as Lightspeed Venture Partners and American Express Ventures. The recent funding round brings the total fund raised by the company to $96 million.
Several businesses across the globe are making a shift to digital software and payments to gain maximum advantages and rapidly expand amid the COVID-19 pandemic. Finix has been assisting customers to adjust the payment offerings as well as serving small businesses over the last few months. Despite the accelerating adoption of digital payments, the process of embedding payments into various applications has initially begun among the vertical SaaS (Software-as-a-Service) providers. In order to significantly operate and match the rising digital payment adoption, the company has raised $30 million, which is an extension of its Series B funding round led by Lightspeed, with participation from American Express.
The recent funding will enable Finix to meet its target of converting the software companies to payment companies. A year earlier, the company had an employee strength of only 15 in total. However, it is currently conducting businesses with 80 employees, including hires from Dropbox and PayPal. It is also committed to developing innovative payment infrastructure for customers. Its diverse customers include Lightspeed POS, a retail point-of-sale company, Clubessential, a private club management software platform, and Passport Labs, a mobility management platform, among others. These SaaS companies are leveraging Finix APIs to deliver business-critical payment experiences, which can result in accelerated time to market, increased flexibility, and reduced costs.
According to American Express Ventures’ Managing Director, Lindsay Fitzgerald, the development of payment capabilities or outsourcing the infrastructure to the 3rd-party provider can be expensive and time-consuming. The company caters to these challenges by offering a solution that allows various companies to own, monetize, and manage their own payment experiences. It is excited to support Finix in delivering tools to aid the e-Commerce innovators. Finix is committed to helping businesses simplify operations as well as drive growth.