Finexio Completes $10 Million Funding Round

Finexio, the fast-growing Accounts Payable (AP) Payments-as-a-Service company, today announced the completion of its double over-subscribed $10 million funding in partnership with new investor Mendon Venture Partners that provided incremental growth capital to meet demand for digital AP business-to-business (B2B) payments services.  

Finexio is winning business from top financial institutions eager to provide modern, cloud-based B2B payments technology to meet customer demand for digital payments and lending as embedded finance becomes increasingly in demand.  

This expansion in serving financial institutions complements how Finexio is already deploying at scale white label payment solutions in many of the leading global procurement and accounts payable software platforms across multiple sectors— including hospitality, healthcare, higher education, manufacturing, and construction.

Mendon Ventures BankTech Fund, a recently launched fintech fund designed to help regional and community banks find new technology for both investment and deployment, invested $1 million to bring this financing round to $10 million in total.  

Andrew Marquardt, Founder and Managing Partner of Mendon Venture Partners said, "Finexio presents an exciting opportunity for banks to expand its offerings, better serve existing and new customers, reduce costs, and enhance overall value. Our investment and partnership highlight Mendon Venture Partners' unique approach, thesis, and value-add position serving our bank LPs."

Patriot Financial Partners, Finexio's lead investor, provided additional funding after tracking the company's continued growth throughout 2021.