Accounts payable FinTech Finexio has announced $2.5 million in new funding from new and existing investors.
In a press release, the company said a range of backers participated in the funding round, though they declined to name the investors. Finexio did note, however, that Earthport Chairman Sunil Sabharwal and payments industry executives Gary Staub and David Truetzel have joined the company’s board.
The expansion capital will be used to fuel Finexio’s growth, the company noted.
“We are just scratching the surface of the AP paper check-to-electronic conversion wave in the U.S.,” said Finexio CEO and Founder Ernest Rolfson in a statement. “We believe the market will continue to shift toward electronic payment types for business-to-business payments, and Finexio is well-positioned to capture increased market share in the coming years.
“Having the financial support and domain expertise of senior financial technology and banking executives will help us execute our vision even more rapidly, with the added benefit of experience, perspective and long-term relationships,” he added.
Finexio also noted in its announcement that among the investors are “seasoned FinTech investors, payments industry executives and experienced board members with many nine-figure exits through IPO,” though the company did not specify whether an initial public offering is in Finexio’s own future.
In addition to the funding announcement, Finexio also provided company updates, noting that its 2019 gross dollar volume grew nearly 300 percent year over year, while transaction volume this year has increased by an average of 24 percent month over month. The company reportedly facilitates nearly $2.5 billion in B2B payments to more than 35,000 suppliers each year.
Finexio’s latest funding follows last year’s $4 million Series A round for the FinTech, soon followed by a partnership with CredX to help businesses adopt commercial cards to pay suppliers, even when vendors don’t accept them.
In August, Finexio also launched a payment processing collaboration with Payscout to streamline accounts payable and accounts receivable for joint customers.