Payments infrastructure company Finix adds $30 mn to Series B funding

By Pavithra R

Finix, the payments infrastructure company, has announced that the company has raised additional investment to help vertical SaaS providers and FinTech companies build better payment experiences for their merchants. Lightspeed Venture Partners led the extension with participation from American Express Ventures’.

The latest funding is an extension of Finix’s $45 mn Series B round and comes on the heels of a 4.5x increase in payments volume from Q2 2019 to Q2 2020. The new finance brought the company’s total funding to $96 mn to date.

“Businesses everywhere are turning to digital payments and SaaS tools to manage the challenges and changes brought on by the pandemic. We’re proud of the role we’ve played in helping our customers respond to new demands. As we look to bring the power of embedded payments to more companies, we’re excited to have Lightspeed and American Express Ventures as investors who intimately know the software and small business worlds. The new capital allows us to bring in top-tier talent and more quickly pursue our goal of turning all software companies into payments companies,” said Richie Serna, CEO, and Co-founder of Finix.

Payments is a massive and fast-growing industry. The COVID-19 pandemic has increased in many businesses turning to cloud infrastructure and platform services like Finix provides. Both the cloud and digital payments transformations are in their nascent stage. As the trends grows, SaaS enterprises are looking to manage payment infrastructure to do web services.

“Traditionally, companies who have wanted to operate their own payments infrastructure either had to build payments capabilities in-house, which is costly and time-consuming, or outsource to a third-party provider, which can also be expensive. Finix provides a solution that enables companies to own, manage, and monetize their entire payments experience. Finix and American Express share a dedication to helping businesses simplify operations and grow their business. We are excited to support Finix’s continued growth as they deliver tools for eCommerce innovators,” said Lindsay Fitzgerald, Managing Director at American Express Ventures.

SaaS companies and FinTechs companies are using Finix APIs to build and manage business-critical payments experiences increassing flexibility,reducing cost, and accelerating time to market. As seen with cloud, the digital payments adoption is more evident in small businesses using SaaS tools.

Recently, Finix partnered with Fattmerchant to launch Flex, a flexible path to payment facilitation.

Founded in 2016, San Francisco based Finix’s payments Infrastructure-as-a-Service (IaaS) decreases the time, cost, and headache SaaS businesses, ISVs, and marketplaces experience when bringing payments in-house. Finix is trusted by companies like Clubessential, Kabbage, Passport Labs, Lightspeed, and Fattmerchant, to name a few.