ConnexPay raises $6 million in new funding to accelerate the adoption of its payments technology
ConnexPay is a fintech startup and a provider of a payment gateway that connects and streamlines payment acceptance and issuance for marketplace companies. Prior to ConnexPay, these three companies would have needed to integrate their technology. ConnexPay now puts all of those three things into one.
Today, the Atlanta-based payment processing ConnexPay announced it has raised a $6.1 million Series A extension led by F-Prime Capital. The latest funding, which brings total funding to $15 million, will be used to accelerate growth, increase product offerings for the travel industry and expand in other sectors that have seen unprecedented growth in e-commerce transactions.
ConnexPay, which was founded in 2017 by Robert Kaufman, aims to streamline payments in the travel industry by using one platform to process payments from the consumer to the travel company and the travel company to the hospitality company.
By offering its customers a new way to minimize 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 also 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.
”Consumers, travel agencies, and their suppliers were frustrated by the lack of transparency in the payment process. While we initially built ConnexPay for the travel industry, we are seeing strong demand from non-travel businesses, such as marketplaces, event ticket brokerage, bill payment, and insurance,” said Bob Kaufman, CEO and Founder of ConnexPay. “Our platform gives payment management and control back to those protecting consumer money and helps strengthen business relationships.”
ConnexPay has fused the ability for businesses to safely accept payments from their customers and make payments to their suppliers on a single platform in real-time. By streamlining the process, ConnexPay provides a number of benefits for its customers including improved profitability, reduced fraud, faster record reconciliation, and removing the need for pre-funded accounts and credit lines. ConnexPay’s proprietary solution de-risks the payment flow process by providing payment transparency for all parties involved.
“We’re excited to be backing ConnexPay because they are transforming how businesses accept and make payments. ConnexPay is delivering tremendous value to its customers and lifting all boats in the process with a more secure and transparent payment experience,” explained Gaurav Tuli, Partner at F-Prime Capital. “With his prior leadership roles at U.S. Bank, Bob and the ConnexPay team are uniquely qualified to bring this innovative model to market.”
ConnexPay’s innovative solution has been integrated into industry-leading booking engines, offering end-to-end SaaS-based online booking tools to small and mid-sized travel agencies, OTAs, and TMCs. The new round of funding will be used to support rapid growth by increasing hiring efforts across the company, enhancing the ConnexPay solution, and expanding into new verticals.