ConnexPay payment gateway cleans $ 20 million to expand
The ConnexPay payment gateway raised $ 20 million in a Series B funding round led by the Marqeta card issuing platform, according to a press release emailed to PYMNTS on Thursday, December 9.
A Marqeta customer since 2018, ConnexPay links acceptance and issuance to marketplace companies and trade intermediaries. The new capital injection brings the company’s total fundraising to $ 35 million.
See also: New study: Debit and credit in physical stores overtake digital wallets
Marqeta’s backing to ConnexPay marks its first corporate investment since its initial public offering on the Nasdaq in June. The investment gives Marqeta a seat on the ConnexPay board of directors.
âConnexPay’s platform resolves the complexity of market and intermediary business models, which face convoluted cash flows and constant pressure on margins. We see a lot of possibilities around the optionality that their platform offers for the acceptance, delivery and timing of payments, giving innovators the ultimate control over funds through multiple rails of money movement, âhe said. said Renata Caine, SVP, International, Strategy & Planning at Marqeta.
âConnexPay’s ability to withstand the demands of COVID-19 in the travel industry while growing and expanding its business into new verticals is a testament to its team and its technology, and we are delighted with what is happening ahead. this business, âCaine added.
Read more: Marqeta partners with the First National Bank of Omaha
Founded in 2017, ConnexPay was originally developed for the travel industry. Since COVID-19 took a global hold in March 2020, the company has rebuilt its volume to pre-pandemic levels. It has also moved into complementary verticals such as e-commerce and business intermediaries and expects its revenues to grow fivefold in 2022.
ConnexPay said it believes it is the first company to connect the two sides of the payments ecosystem – card issuance and payment acquisition services. In specific verticals, such as market firms or trade intermediaries, ConnexPay can seamlessly connect payments by acting as both acquirer and sender.
“While other companies offering issuance and acquisition require the negotiation of multiple contracts, account teams and technology integrations, ConnexPay only requires a single point of integration,” the statement said.
You can also profit from: Marqeta’s total processing volumes increase by 60% as card issuance goes from plastic to digital