Finexio, an Orlando, Fla.-based AP payments as a service platform, closed a $23m funding round.
The round was led by Medalist Partners. In addition, other investors in the round include Florida Funders, Post Road Partners, including investors Peter Wirth, Keith Meyers, Paul Friday & Lou DeRose, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto, CEO of Transactis, Finexio senior management, and several Fintech and payments industry CEOs.
The company intends to use the funds to continue to expand its development efforts.
Led by Ernest Rolfson, CEO, Finexio Finexio is AP Payments as a Service company that focuses on providing end-to-end AP payment capabilities within AP Software and Procurement Software Platforms.
This round builds on the company’s customer base, encompassing 400 customers representing $4 billion in annual AP spend, primarily in the manufacturing, hospitality, higher education, and business services verticals. Finexio’s integrated AP and Procurement software installed customer base has over 150,000 bank accounts generating over $25 billion in accounts payable spend, most of that facilitated via paper check.
The company and Medalist are also launching an integrated Supply Chain Finance (SCF) solution designed exclusively to meet the needs of middle-market companies improving cashflow and providing essential liquidity for SMBs in the face of a recession.