FlexPay, a Montreal, Canada-based company which uses AI and machine-learning to allow merchants to recover lost revenues from declined transactions, raised $6m in funding.
The round was led by Impression Ventures, with participation from BMO Capital Partners, Anges Québec and strategic partners.
The company intends to use the funds to continue to expand operations and its business reach.
Led by Darryl Hicks, CEO, FlexPay delivers AI-driven decline salvage rates for eCommerce subscription-based merchants, by pairing technology with proprietary data. The platform leverages AI and machine-learning to analyze billions of transaction records to reverse-engineer exactly why risk-mitigation systems are falsely declining transactions.
The system then uses this real-time data to optimize credit card recovery and get valid transactions approved.