Finix Raises $17.5M To Shake Up Payments 'In A Very Un-Stripelike Way'
Summary
Today, Finix raised $17.5 million to help companies bring payment processing in-house to lower the costs that traditionally come with the service. This morning, CEO Richie Serna explained how companies like Toast and MINDBODY create software services for restaurants and yoga studios, respectively, to help manage sales and day-to-day operations. A company can pay Finix through a monthly subscription fee to power basic processing, and then it can add its own front-end user interface. Payment plumbing, which includes startups like Stripe and Finix, sell their platform as a service, and reduce the time it takes for a merchant to go to market, which Serna said it part of their appeal. With Finix, companies can keep that money they would’ve had to give to Stripe per transaction, and add it to their top line revenue.