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Finix is currently looking to grow its support globally due to increased demands from clients. To achieve the same, the company looks to double its workforce by the end of the year.
FREMONT, CA: Payments infrastructure platform Finix raised USD 35 million in a Series B funding round led by Sequoia Capital with participation from existing investors Acrew Capital, Bain Capital Ventures, and others and new investors Activant Capital and Inspired Capital. The company had raised USD 17.5 million six months prior to the Series B round, taking the total raised capital to more than USD 55 million. The company intends to use the funds to grow its team to accelerate product innovation.
"We're only just beginning to see what amazing experiences can be built when companies begin designing payments deeply into their user experience rather than treating it as a bolt-on," Richie Serna, chief executive officer at Finix. "Every day, our customers prove to us they are able to build superior product experiences that delight both customers and merchants when they have full control over their payment stacks."
Finix is known for providing software developers with a third option beyond building their own payments infrastructure in-house or outsourcing the entire process. The company helps its clients manage and monetize their own payments systems. Finix is currently looking to grow its support globally due to increased demands from clients. To achieve the same, the company looks to double its workforce by the end of the year. The company also has a unique billing system wherein they have a fixed software charge and a sliding charge which is subject to the number of payments processed. This creates a new revenue source for the customers.
"Historically it was difficult for software companies to bring payments in-house, but Finix is changing that,” says Pat Grady, partner at Sequoia Capital. “As more software companies look to become payment companies, Finix's developer-friendly building blocks have made it possible for software companies to fully own and monetize their payments, without needing a massive internal payments team."
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