Online bank PayQix secures $11 million investment

Source: PayQix

PayQix, Inc., a revolutionary online bank (BankQix) with a built-in business and transaction management platform that bridges the gaps between social media, sales, marketing, and business automation tools, as well as legacy transaction management tools like PayPal and QuickBooks, today announced it closed an $11 million dollar investment with an international multi-strategy focused family office.

Proceeds from the financing round are dedicated to filing for, finalizing, setting up, and then opening its’ bank in Luxembourg, which will serve as the centerpiece of its’ SMB focused technology platform.

PayQix started with the understanding that small business owners do not have large budgets of time or money. Each decision is a critical judgment about resource allocation that must be carefully considered. Current tools that work cross-functionally are nice, but in today’s ultra-fast paced 24/7/365 business environment they’re insufficient to the needs of modern SMBs. Solving for these problems, PayQix used its initial $1.5 million dollar Seed round to build and test a super secure and scalable architecture that solves for the core business problems SMBs face. PayQix’s solution is market and sector agnostic, omnichannel, and addresses 95% of all 320 million SMBs worldwide. The U.S. marketplace alone represents $35 trillion dollars, which yearly creates 35 million new growth companies.

The $11 million dollars was a dedicated tranche broken off of the larger $21 million dollar Series A round that PayQix currently has open. The remaining $10 million dollar placement will be dedicated to continued build-out of the technology platform, specifically the front-end and dashboard, a tightening of the backend and database systems, as well as robust international branding, marketing, and user acquisition efforts, which the company is executing with one of its’ partners, JrPixels.

Jose Graca, Chief Executive Officer, said, “Fundamentally, businesses are needs-based and relationship-driven, so the next generation of global online banks need to facilitate the full transaction cycle for every customer. Solving these problems means more loyalty and therefore more transactions. Increased transaction volume equates to more revenue and stronger relationships that drive trust and future business. We don’t wait for deposits and loans to be made; we actively create value for our customers at every intersection of their business.”

Chief Operating Officer and Head of Global Partnerships, Tom Szabo, commented that “Our integrated revenue model presents at least eight ways to maximize revenue and drive growth both for PayQix and its’ customers, which is why we like to say, “Smarter Business is Better Business”. From a market development perspective, we’re in active conversations with leading EU banks like Bank Nordea who are eager to help pollinate our solution to their customers. Last year, 451 Research provided excellent market intel when they said, “Applications are being built to meet the needs of increasingly dispersed workforces … we expect the number of players, as well as investment, to grow substantially … and further outlying technologies to be drawn inward.” We agree completely and expect this marketplace both to grow and consolidate quite a bit over the next ten years.”

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