ConnexPay, an Atlanta, GA-based payment provider for travel intermediaries to do business, raised $7m in Series A funding.
The round was led by BIP Capital.
The company intends to use the funds to further technology development, increase personnel, and expand into new markets.
Led by Bob Kaufman, founder and CEO, ConnexPay is a financial technology and payments company offering a combined merchant acquiring and virtual card issuing solution to mid-size corporations. The technology, which works by matching payments from travel buyers to travel suppliers in real-time, is utilized by connecting to the company’s flexible APIs or accessing a PCI-certified portal.
ConnexPay, which is leveraging Marqeta’s issuing technology, is collaborating with Visa’s issuing and acquiring financial institution partners to enable its customers to use Visa single-use virtual credit cards to enable payments to travel suppliers.
While it is initially focused on the travel vertical, the technology also has applications for non-travel e-commerce intermediaries, such as marketplaces, event ticket brokerage, bill payment, and others.