ConnexPay Raises $20M in Series B Funding
Summary
ConnexPay, a Naples, Fla-based payments gateway that connects acceptance and issuance for marketplace companies and commerce intermediaries, raised $20m in Series B funding. The round, which took total funding raised to date to $35m, was led by card issuing platform Marqeta (NASDAQ:MQ). The company intends to use the funds to build out its business with online marketplaces and other commerce intermediaries, and expand the platform into Europe with increased hiring and technology development to support multiple currencies and languages. Founded in 2017 by Robert Kaufman, CEO, ConnexPay is offering a combined merchant acquiring and virtual card issuing solution for mid-sized companies. The company’s technology aims to simplify an antiquated workflow, eliminate the need for pre-funded accounts, reduce supplier risk and the cost of accepting card payments while safeguarding consumer spend.
Funding
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