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E-invoicing, SCF & E-procurement

Finexio B2B payment network raises USD 1mln seed round

Tuesday 9 August 2016 | 12:24 PM CET

Finexio, a B2B payment network, has announced it has secured USD 1M in seed funding. 

The financing was led by James R. Heistand with participation from Loeb.nyc Loeb.nyc a startup lab and early-stage private investor.

Finexio's B2B payment solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed payments into the corporate buying and selling experience.

Through a single point of contact, Finexio weaves together access to several private "closed loop" payment processing networks by collaborating with a variety of payment and billing aggregators, payment facilitators, merchant acquirers, processors, and payment networks.

This round of investment will allow Finexio to further enhance its payment platform and develop additional integrations to extend its reach beyond the several hundred thousand suppliers already payable on the Finexio rails.

Finexio is a B2B payment network. The Finexio network eliminates commercial paper check spend by identifying and routing payments through a unique "network of closed loop networks”. Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms to enable them with a more efficient payment modality.

Jim Heistand currently serves on the board of directors of United Legacy Bank in Orlando, Florida and is a member of the chairman's circle of the real estate advisory board for the Warrington College of Business Administration at the University of Florida.

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