Finix, a payment infrastructure platform built by former executives from First Data, PayPal, and Worldpay, has secured a $17.5 million Series A funding round led by Bain Capital Ventures, with participation from Insight Partners, Aspect Ventures and Visa.
Finix enables companies to build their own payments processing stack using a series of basic APIs and dashboard reporting systems. Available on a fixed pricing model, the company says enterprises can have their systems up-and-running in as little as two months and at a fraction of the $3-5 million average cost of building a framework inhouse.
Richie Serna, chief executive officer and co-founder at Finix, says: “What companies like Lyft, Airbnb and MindBody all have in common beyond their high valuations is payments: they have each built their own payments stack. Our mission is to provide the foundation for the next generation of multi-billion dollar payments businesses by empowering them to become payment facilitators in months, not years.”
The latest investment brings Finix’s total capital raised to more than $20 million, and will be used to scale up product development and sales capabilities.