The Atlanta-based startup integrates incoming user payments with supplier payments in one platform, which lowers merchant processing fees and allows for users to immediately access fund payments. Having both customer and supplier payments on one platform makes financial transactions less risky.
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The 5-year-old company initially found its niche in the travel sector, working with travel agencies and tour operators before expanding to online retailers and delivery services. ConnexPay has doubled its client base in the past year and is profitable, according to the company
ConnexPay has raised $145 million in total, per the company.
American fintech companies look eastward
At the start of 2022, the U.K. alone was a growing market for fintech companies and made up more than half of all fintech investment in Europe. This was due in part to new financial rules surrounding Brexit and the European Union.
So far in 2022, U.S. fintech platforms have raised $4.4 billion. Comparatively, European fintech platforms have raised $6.3 billion, per Crunchbase data.
ConnexPay’s expansion into Europe started last year when the company received $20 million from card issuing platform Marqueta. But it’s far from the only company extending its reach into Europe.
Nova Credit, a San Francisco-based credit bureau for immigrants, announced in April it will expand into Europe at a time when cross-border conflict is sending refugees to the continent. The startup is focusing on the U.K. before expanding outward. California-based Tipalti, a global payments platform, opened an office in London last year as part of its plan to cement itself in Europe. It later opened another office in Amsterdam.
Illustration: Dom Guzman
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