ConnexPay, a payment technology company that enables marketplace businesses to collect and safeguard consumer funds while automating the distribution of payments to suppliers has secured additional funding from existing investors and from new investor F-Prime Capital, the global venture capital firm affiliated with FMR LLC, the parent company of Fidelity Investments. The investment brings total funding to $15M, which will be used to accelerate growth, increase product offerings for the travel industry and expand in other sectors that have seen unprecedented growth in e-commerce transactions.
ConnexPay’s technology is trusted by airline consolidators, tour operators and online travel agencies to power millions of transactions. While the platform was initially focused on solving long-standing, acute payment-related challenges experienced in the travel industry, the company’s technology also has applications for non-travel e-commerce intermediaries and other marketplaces.
”Consumers, travel agencies and their suppliers were frustrated by the lack of transparency in the payment process. While we initially built ConnexPay for the travel industry, we are seeing strong demand from non-travel businesses, such as marketplaces, event ticket brokerage, bill payment and insurance,” said Bob Kaufman, CEO and Founder of ConnexPay. “Our platform gives payment management and control back to those protecting consumer money and helps strengthen business relationships.”
ConnexPay has fused the ability for businesses to safely accept payments from their customers and make payments to their suppliers on a single platform in real-time. By streamlining the process, ConnexPay provides a number of benefits for its customers including improved profitability, reduced fraud, faster record reconciliation, and removing the need for pre-funded accounts and credit lines. ConnexPay’s proprietary solution de-risks the payment flow process by providing payment transparency for all parties involved.
“We’re excited to be backing ConnexPay because they are transforming how businesses accept and make payments. ConnexPay is delivering tremendous value to its customers and lifting all boats in the process with a more secure and transparent payment experience,” explained Gaurav Tuli, Partner at F-Prime Capital. “With his prior leadership roles at U.S. Bank, Bob and the ConnexPay team are uniquely qualified to bring this innovative model to market.”
ConnexPay’s innovative solution has been integrated into industry-leading booking engines, offering end-to-end SaaS-based online booking tools to small and mid-sized travel agencies, OTAs, and TMCs. The new round of funding will be used to support rapid growth by increasing hiring efforts across the company, enhancing the ConnexPay solution, and expanding into new verticals.