Startup Finix Inc. today announced that it has raised $75 million in funding to expand deployment of its namesake payments platform, which processes more than 400 million transactions per day.
Acrew Capital, Leap Global, and Lightspeed Venture Partners jointly led the Series C investment. They were joined by more than half a dozen other backers, including Citigroup’s venture capital arm. The cash infusion brings Finix’s total external funding to more than $200 million.
San Francisco-based Finix provides a platform that merchants use to accept payments from customers. The company says many competing services require programming expertise to set up. The platform has no such requirements, making it more accessible to companies that don’t have an in-house development team.
“Finix provides no-code payments solutions to 22 million businesses that require no developers, enabling seamless payments integration with little or no technical expertise,” said Co-Founder and CEO said Richie Serna, Managing Director. “Even companies that have developers don’t want to spend time and resources paying them.”
The company offers checkout pages that online retailers can embed on their websites to process purchases. A code-free configuration tool lets you customize your pages with your company’s logo and branding materials. Online shoppers can pay using credit cards, bank transfers, digital wallets like Apple Pay, and other methods.
For merchants who don’t have a website, Finix offers the ability to create payment links. Such a link directs the customer to a standalone checkout page with purchase details pre-populated.
Processing in-store purchases is another task Finix promises to ease. The company says retailers who sign up to its platform will have access to payment terminals that can be deployed in their stores. A cloud-based dashboard allows you to manage your devices through a centralized interface.
Finix says its platform also eases several other chores involved in the customer purchase process. One feature speeds up the task of confirming transaction cancellation requests. The other allows merchants to implement tokenization, a cybersecurity technology that helps protect customers’ financial data, such as credit card numbers, from hackers.
Finix provides a core set of tools for sellers, along with features for e-commerce marketplace operators. The company says these features simplify tasks such as allowing third-party sellers to offer products through the marketplace. It can process user purchases, distribute revenue to merchants, and apply platform fees.
On the occasion of today’s funding round, the company revealed that its revenue has quadrupled in the past year. To maintain this growth, Finix plans to hire more employees and expand into new markets.
Image: Unsplash
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