Currently, ACH and credit card B2B solutions contain high fees, extensive manual processes, and a confusing enrollment method that frustrate corporate buyers and suppliers alike. Consequently, 50% of the U.S.'s B2B commercial spend, worth about $12 trillion USD, remains on paper check due to the lack of an appropriately priced, effective, and efficient commercial payment solution.

Finexio's B2B payment capabilities fill the gap between these existing solutions by intelligently routing payments on and off existing ACH and credit card rails to find the best possible transaction price. This solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed payments into the corporate buying and selling experience.

"Having spent years as financial processes consultants and working at large "Fintech" and payments companies, we experienced first-hand the paper based, slow manual delivery of "virtual credit cards". These cards are currently mindlessly printed on tens of thousands of pieces of paper monthly, then mailed or faxed to suppliers. Not only are these suppliers forced to undergo a costly manual effort to receive their money, but they also are forced to pay a 3.5-5% fee for processing costs. We knew there was a better way to both pay and get paid as tens of thousands of suppliers, many of them small businesses, deserved better," said Ernest Rolfson, CEO and Founder.

"I was impressed with the team and vision behind Finexio, the large market they were going after, and the traction developed in such a short time to tackle a clearly addressable problem," remarked James R. Heistand, CEO Parkway Properties. "Our finance team had previously tried to implement a standard credit card payables program for our company that failed to gain any traction due to the high fees it forced upon our suppliers. Today we are still printing and mailing thousands and thousands of checks annually, but look forward to applying this truly unique solution to eliminate unnecessary process and cost for both us and our suppliers."

Through a single point of contact, Finexio weaves together access to several private "closed loop" payment processing networks by collaborating with a variety of payment and billing aggregators, payment facilitators, merchant acquirers, processors, and payment networks. "We started working with large enterprise accounts payable automation vendors who realized they were leaving money on the table by sending checks to the majority of their suppliers instead of a modern electronic solution," shared CTO and co-founder David McGuerty "We started by matching up the existing paper check spend to Finexio electronic network reach. In the last several months alone we have identified several hundred million dollars of paper payments that could be shifted to a more efficient electronic payment. It's a good deal for both buyer and supplier."

This round of investment will allow Finexio to further enhance its payment platform and develop additional integrations to extend its reach beyond the several hundred thousand suppliers already payable on the Finexio rails.