ConnexPay, a Naples, Fla-based payments gateway that connects acceptance and issuance for marketplace companies and commerce intermediaries, raised $20m in Series B funding.
The round, which took total funding raised to date to $35m, was led by card issuing platform Marqeta (NASDAQ:MQ).
The company intends to use the funds to build out its business with online marketplaces and other commerce intermediaries, and expand the platform into Europe with increased hiring and technology development to support multiple currencies and languages.
Founded in 2017 by Robert Kaufman, CEO, ConnexPay is offering a combined merchant acquiring and virtual card issuing solution for mid-sized companies. The company’s technology aims to simplify an antiquated workflow, eliminate the need for pre-funded accounts, reduce supplier risk and the cost of accepting card payments while safeguarding consumer spend. ConnexPay was built for the travel vertical and later expanded the business into adjacent verticals (e-commerce, commerce intermediaries).
The current investment marks Marqeta’s first corporate investment since going public in June 2021. As part of this investment, Marqeta will have one seat on ConnexPay’s board.