Florida Funders, a firm providing early-stage capital to Florida technology companies, announces a new investment in Finexio, a smart B2B payment network that eliminates paper-based checks for accounts-payable departments. Florida Funders’ investment in Finexio completes a $4 million Series A round of financing for the Florida-based company.
Florida Funders’ strategic investment allows Finexio to expand and to strengthen sales and marketing efforts with additional staff, including the addition of key members to the board of directors. Launched in 2017 by former executives from MasterCard and Change Healthcare, Finexio removes outdated paper solutions, as well as clerical errors that delay payments, by enabling CFO’s to eliminate checks and related costs from the back office. Finexio provides an API used by accounts payable platforms, ERP systems, and corporations directly, while identifying which suppliers can be paid electronically and then routes payments to suppliers without requiring bank account information; ultimately delivering proper payment type, at the right time. Finexio has proven success through increased gross dollar transaction volume at an average of 78% month-over-month.
“By eliminating paper checks, Finexio’s payment system streamlines the accounts payable process and drives new cash flows,” said Saxon Baum, Director of Business Development for Florida Funders. “Through established growth, Finexio has proven success and we’re pleased to invest in their company as they continue to eliminate payment errors and waste in various critical verticals, including real estate, construction, legal services, insurance, healthcare and more.
“We’re grateful for the support of Florida Funders, which is particularly meaningful to us because of their Central Florida roots,” said Ernest Rolfson, Chief Executive Officer for Finexio. “The fund’s partners have leveraged their deep personal networks and experience in scaling technology companies to help accelerate our own growth trajectory. We look forward to benefitting from the fund’s leadership as we work closely together over the coming months.”