On January 6, an Accounts Payable (AP) Payments-as-a-Service company, Finexio announced that it completed an oversubscribed $10 million funding round led by Mendon venture partners, Patriot Financial Partners, among others. The fresh funding gives Finexio the capital it requires to meet the demand for digital AP
business-to-business (B2B
Business-to-Business (B2B)
Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturing sector.Most advanced products usually involve other companies’ products. For example, a home computer has a processor, wiring, motherboard, memory, and other components. Each of these products are effectively bundled together as a finished computer. The manufacturer of the finished computer purchases these components from various suppliers and in turn integrates them within the final product.Subsequently, when buying an ASUS or Dell computer, you are purchasing parts that were created by multiple companies globally.As such, B2B sales have become an important part of every industry’s supply chain.B2B Within the Financial Services SectorWithin the financial services space, B2B partnerships are common, often involving brokerages, technology providers, and other entities.Like manufacturing or other industries, brokers rely on several different pieces to offer services to retail clients.This exchange commonly includes products or services such as technology, platforms, marketing, liquidity, among others. Companies can also offer white labeling services in a further bid to expand B2B partnerships.Additionally, B2B space has also advanced in recent years, such that companies can now purchase entirely out-of-the-box solutions, handling responsibilities of a brokerage.
Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturing sector.Most advanced products usually involve other companies’ products. For example, a home computer has a processor, wiring, motherboard, memory, and other components. Each of these products are effectively bundled together as a finished computer. The manufacturer of the finished computer purchases these components from various suppliers and in turn integrates them within the final product.Subsequently, when buying an ASUS or Dell computer, you are purchasing parts that were created by multiple companies globally.As such, B2B sales have become an important part of every industry’s supply chain.B2B Within the Financial Services SectorWithin the financial services space, B2B partnerships are common, often involving brokerages, technology providers, and other entities.Like manufacturing or other industries, brokers rely on several different pieces to offer services to retail clients.This exchange commonly includes products or services such as technology, platforms, marketing, liquidity, among others. Companies can also offer white labeling services in a further bid to expand B2B partnerships.Additionally, B2B space has also advanced in recent years, such that companies can now purchase entirely out-of-the-box solutions, handling responsibilities of a brokerage.
Read this Term) payment services. The funding would enable Finexio to grow its payments-as-a-service business to meet the needs of financial institutions and software companies globally.
The new investor, Mendon Ventures BankTech Fund, bankrolled $1 million and topped up the financing round to a total of $10 million. Additionally, Patriot Financial Partners offered additional funding to the round after serving as a lead investor for Finexio in the past.
In August, Finexio raised an oversubscribed $8 million funding round in order to, expand its leadership team, board new AP and procurement software distribution partners and accelerate growth in key industry verticals, including manufacturing, healthcare, hospitality and higher education.
Ernest Rolfson, the Founder and CEO of Finexio, stated: “Our ‘Payments as a Service’ platform allows banks to facilitate rich, personalized buyers and supplier interactions, more meaningful virtual card spend take rates and more payment methods like international and supply chain finance than anything else out there. Finexio’s easily integrated payments solution and unique service culture make us highly attractive to financial institutions desiring deep differentiation to compete, win and retain corporate treasury customers that generate fee income and enable more loan and deposit generation. We’re excited to continue supporting banks in their efforts to provide the best modern treasury experience possible for their customers.”
How COVID-19 Influenced the Demand of Digital AP Processes
The efforts by Finexio come at a time when demand for AP and payment automation has significantly increased, thanks to the Covid-19 pandemic. Before the pandemic hit the world, most companies had not automated their accounts payable processes. But, that changed the moment the pandemic took effect and forced organizations to confront the way they run their businesses if their employees could not travel to or be at the office. Financial professionals had to examine their manual processes and ask themselves how their firms could better handle
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term amidst a pandemic. The answer they found was to automate their accounts payable processes so that approvals could be managed more efficiently and payments could be issued electronically by virtual cards, ACH and other means. Before the pandemic started, several businesses resisted the digital transformation. Many CEOs and CFOs simply wanted to physically sign off on checks and keep processes the way they were. But, the pandemic forced such businesses to put an end to their paper-based system. The Coronavirus crisis prompted 65% of organizations to shift from paper payments to electronic formats. Moreover, 38% of organizations have implemented changes in their internal check issuance procedures.
On January 6, an Accounts Payable (AP) Payments-as-a-Service company, Finexio announced that it completed an oversubscribed $10 million funding round led by Mendon venture partners, Patriot Financial Partners, among others. The fresh funding gives Finexio the capital it requires to meet the demand for digital AP
business-to-business (B2B
Business-to-Business (B2B)
Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturing sector.Most advanced products usually involve other companies’ products. For example, a home computer has a processor, wiring, motherboard, memory, and other components. Each of these products are effectively bundled together as a finished computer. The manufacturer of the finished computer purchases these components from various suppliers and in turn integrates them within the final product.Subsequently, when buying an ASUS or Dell computer, you are purchasing parts that were created by multiple companies globally.As such, B2B sales have become an important part of every industry’s supply chain.B2B Within the Financial Services SectorWithin the financial services space, B2B partnerships are common, often involving brokerages, technology providers, and other entities.Like manufacturing or other industries, brokers rely on several different pieces to offer services to retail clients.This exchange commonly includes products or services such as technology, platforms, marketing, liquidity, among others. Companies can also offer white labeling services in a further bid to expand B2B partnerships.Additionally, B2B space has also advanced in recent years, such that companies can now purchase entirely out-of-the-box solutions, handling responsibilities of a brokerage.
Business-to-business (B2B) represents an interaction in which one business makes a commercial transaction with another. B2B also reflect supportive enterprises that offer or exchange elements that businesses need to operate and grow.In essence, B2B encompasses companies focused on selling products or services to other businesses rather than to consumers – Business-to-Consumer (B2C).Ultimately, B2B companies can be a part of any industry. These is a common market in any technology or manufacturing sector.Most advanced products usually involve other companies’ products. For example, a home computer has a processor, wiring, motherboard, memory, and other components. Each of these products are effectively bundled together as a finished computer. The manufacturer of the finished computer purchases these components from various suppliers and in turn integrates them within the final product.Subsequently, when buying an ASUS or Dell computer, you are purchasing parts that were created by multiple companies globally.As such, B2B sales have become an important part of every industry’s supply chain.B2B Within the Financial Services SectorWithin the financial services space, B2B partnerships are common, often involving brokerages, technology providers, and other entities.Like manufacturing or other industries, brokers rely on several different pieces to offer services to retail clients.This exchange commonly includes products or services such as technology, platforms, marketing, liquidity, among others. Companies can also offer white labeling services in a further bid to expand B2B partnerships.Additionally, B2B space has also advanced in recent years, such that companies can now purchase entirely out-of-the-box solutions, handling responsibilities of a brokerage.
Read this Term) payment services. The funding would enable Finexio to grow its payments-as-a-service business to meet the needs of financial institutions and software companies globally.
The new investor, Mendon Ventures BankTech Fund, bankrolled $1 million and topped up the financing round to a total of $10 million. Additionally, Patriot Financial Partners offered additional funding to the round after serving as a lead investor for Finexio in the past.
In August, Finexio raised an oversubscribed $8 million funding round in order to, expand its leadership team, board new AP and procurement software distribution partners and accelerate growth in key industry verticals, including manufacturing, healthcare, hospitality and higher education.
Ernest Rolfson, the Founder and CEO of Finexio, stated: “Our ‘Payments as a Service’ platform allows banks to facilitate rich, personalized buyers and supplier interactions, more meaningful virtual card spend take rates and more payment methods like international and supply chain finance than anything else out there. Finexio’s easily integrated payments solution and unique service culture make us highly attractive to financial institutions desiring deep differentiation to compete, win and retain corporate treasury customers that generate fee income and enable more loan and deposit generation. We’re excited to continue supporting banks in their efforts to provide the best modern treasury experience possible for their customers.”
How COVID-19 Influenced the Demand of Digital AP Processes
The efforts by Finexio come at a time when demand for AP and payment automation has significantly increased, thanks to the Covid-19 pandemic. Before the pandemic hit the world, most companies had not automated their accounts payable processes. But, that changed the moment the pandemic took effect and forced organizations to confront the way they run their businesses if their employees could not travel to or be at the office. Financial professionals had to examine their manual processes and ask themselves how their firms could better handle
payments
Payments
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times.
Read this Term amidst a pandemic. The answer they found was to automate their accounts payable processes so that approvals could be managed more efficiently and payments could be issued electronically by virtual cards, ACH and other means. Before the pandemic started, several businesses resisted the digital transformation. Many CEOs and CFOs simply wanted to physically sign off on checks and keep processes the way they were. But, the pandemic forced such businesses to put an end to their paper-based system. The Coronavirus crisis prompted 65% of organizations to shift from paper payments to electronic formats. Moreover, 38% of organizations have implemented changes in their internal check issuance procedures.
Source: https://www.financemagnates.com/fintech/finexio-raises-10m-to-grow-payments-as-a-service-for-global-financial-and-accounts-payable-ap-software-platforms/