ConnexPay, the first and only payments technology company that integrates payments acceptance and issuance in a single platform, has secured $110 million in growth equity. The investment was led by FTV Capital (which backed Paddle and Liberis), a sector-focused growth equity investor alongside participation from previous investors.
International expansion plans
With this investment, ConnexPay has raised a total of $145 million to date. The fresh funds will let the company propel international expansion, as well as continue to enhance its innovative payments platform and expand into new verticals.
To lead its global expansion, in early 2022, the company hired Anant Patel as president of international markets. A 22-year payments industry veteran, Patel brings a wealth of experience to ConnexPay and will drive the company’s entry into Europe, APAC and beyond. As ConnexPay prepares for its global launch by year-end, this investment will support continued technology enhancements and the addition of key hires to build out its international team.
As part of this growth investment, Hallquist joined ConnexPay’s board of directors, and Chris Winship, partner at FTV Capital, joined as a board observer.
“ConnexPay was founded to transform the entire payments experience for the travel industry, and now that mission extends to other payment intermediary companies both in the U.S. and around the world,” said Robert Kaufman, founder and CEO at ConnexPay. “The value of the connected ecosystem – which provides reduced risk, improved cash flow, lower costs of accepting payments and easier reconciliation – truly transforms companies across many verticals. With FTV’s proven track record in payments and its extensive Global Partner Network, we are confident this partnership positions ConnexPay to accelerate global commercial success.”
“ConnexPay has proven itself as a leading payments solution that delivers tangible ROI to customers by converting payment processing from an expense to a new revenue stream,” said Adam Hallquist, principal at FTV Capital. “ConnexPay’s differentiated technology, coupled with its rapid and profitable growth and seasoned leadership team, convinced us that ConnexPay is well positioned to further scale in its core markets while also winning in new markets as commerce intermediaries seek simpler, more convenient and more cost-effective payment solutions.”
What does ConnexPay do?
ConnexPay was founded by Robert Kaufman in 2017 in the US. It transforms payment acceptance and issuance for travel and e-commerce providers, which act as intermediaries. By offering clients a revolutionary way to minimise risks and reduce credit and debit card acceptance costs through linked real-time payments issued to suppliers, ConnexPay’s clients avoid the need for large lines of credit or personal guarantees.
ConnexPay provides a comprehensive, integrated payments solution that incorporates powerful anti-fraud detection along with PCI-certified payment acceptance and payment issuance, driven by ConnexPay’s patent pending intelligent routing and single-use virtual cards to handle every step of the process.
Having been developed to transform the entire payments experience for the travel industry, it now serves 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. The company is profitable while offering market-leading rebates to its clients and processing billions of dollars in payments.
