Finexio, an Orlando, Fla.-based smart b2b payment network that eliminates paper-based checks for accounts payable departments, completed a $4m Series A round of financing.
The round, which brings the total funding since launch to $5m, was led by James R. Heistand (President and Chief Executive Officer of Parkway, Inc. and Parkway Properties, Inc., with participation from existing and new investors Florida Funders, Loeb.nyc, Zach Coelius, Mobile Financial Partners (Harry Hopper), and additional angel investors. In conjunction with the funding, seasoned payments industry executive Henry Dreifus will join Finexio’s Board of Directors. Steve MacDonald, Partner at Florida Funders and Founder and former Executive Chairman of myMatrixx, also joins the Finexio board as an observer.
The company will use the funds to continue to expand its sales and marketing efforts.
Launched in early 2017 by Ernest Rolfson, CEO, Finexio provides an API used by accounts payable platforms, ERP systems, and corporations directly. The company’s patent-pending technology identifies which suppliers can be paid electronically and then routes payments to suppliers without requiring bank account information.
Customers use the solution to pay their suppliers securely and quickly.