ConnexPay, the first and only payments technology company that integrates payments acceptance and issuance inside a single platform, has announced a $110 million growth equity investment led by FTV Capital, a sector-focused growth equity investor with more than two decades of experience in payments and financial services. Previous ConnexPay investors also participated in the round.
The funding will enable ConnexPay to drive international expansion in Europe and beyond, as well as continue to enhance its innovative payments platform. With this investment, ConnexPay has raised a total of $145 million to date.
Founded in 2017, ConnexPay was initially developed to serve the travel industry, today supporting many of the largest travel agencies, tour operators, and air and hotel consolidators. The company continues to focus on travel while also serving related verticals that function as payment intermediaries, such as online marketplaces, delivery services, ticket brokers, emerging fintechs, and insurance and warranty providers.
Over the past 12 months, ConnexPay has more than doubled its number of active clients and its employee count.
While some providers offer both card issuing and payment acquiring services, those offerings are in separate systems with disjointed reporting and reconciliation. ConnexPay’s one-of-a-kind technology seamlessly connects both sides of the payment ecosystem — accepting and making payments — inside a single platform with instant access to incoming funds and just one reconciliation.
By serving as both acquirer and issuer, ConnexPay can easily connect payments coming in to payments going out and bring real value to both the consumer and merchant. Whereas other companies offering issuing and acquiring require negotiating multiple contracts, working with various account teams and several technology integrations, ConnexPay requires just one integration point, one contract and one team. In addition to these platform and process efficiencies, ConnexPay also provides a lower cost of accepting payments and high card rebates, further boosting its clients’ bottom lines.