Finexio, a San Mateo, CA-based Smart B2B payment network, raised $1M in seed funding.
The round was led by James R. Heistand with participation from Loeb.nyc, and a number of angel investors from the fintech industry.
The company intends to use the funds to further enhance its payment platform and develop additional integrations.
Led by Ernest Rolfson, CEO, and David McGuerty, CTO, Finexio is a smart B2B payment network that eliminates commercial paper check spend by identifying and routing payments through a network of closed loop networks.
Payments on the Finexio rails are pushed into a supplier’s bank accounts at fees lower than prevailing commercial payment costs.
Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms.