tl;dr: Finix extends Series B funding round to $75 million, led by Lightspeed Venture Partners with participation from American Express Ventures, bringing its total funding to $96 million.
Businesses everywhere are turning to digital payments and software to manage the challenges—and take advantage of the opportunities—brought on by COVID-19. Over the past few months, Finix has helped our customers quickly adjust payments offerings to serve small businesses in new ways and handle the unprecedented demand in eCommerce. In fact, we’ve recently quadrupled the payments volume our customers process through our platform. While COVID accelerated the adoption of digital payments, we believe the trend of vertical Software-as-a-Service (SaaS) providers embedding payments into their applications has only just begun. To match this acceleration and prepare our customers for the future, we’ve raised an additional $30M (as an extension of our Series B) led by Lightspeed Venture Partners with American Express Ventures' participation.
“Finix brings together three of our main areas of interest—enterprise software, eCommerce, and fintech—to empower software companies to design payments deeply and thoughtfully into their user experience while also improving their bottom line. The pandemic has made it clear that seamless digital payments experiences are more critical to success than ever before. Massive enterprises and startups alike should take advantage of Finix and its spot at the intersection of the cloud and payments,” said Will Kohler, Partner at Lightspeed Venture Partners.
This new capital allows us to continue bringing on top-tier talent and more quickly pursue our goal of turning all software companies into payments companies. Just over a year ago, Finix was only 15 people. Today, we have over 80 Finixians—including recent hires from PayPal and Dropbox—committed to building the best payment infrastructure possible for our customers. Our growing and diverse customer base includes mobility management platform, Passport Labs, private club management software platform, Clubessential, retail point-of-sale company, Lightspeed POS, and more. SaaS companies like these are using Finix APIs to build and manage business-critical payments experiences to reduce cost, increase flexibility, and accelerate time to market. We’re proud that as more and more software companies adopt Finix’s offerings, it’s ultimately small businesses using SaaS tools that benefit.
“Traditionally, companies who have wanted to operate their own payments infrastructure either had to build payments capabilities in-house, which is costly and time-consuming, or outsource to a third-party provider, which can also be expensive. Finix provides a solution that enables companies to own, manage and monetize their entire payments experience,” said Lindsay Fitzgerald, Managing Director at American Express Ventures. “Finix and American Express share a dedication to helping businesses simplify operations and grow their business. We are excited to support Finix’s continued growth as they deliver tools for eCommerce innovators."
We’re excited to have Lightspeed and American Express Ventures as investors who intimately know the software and small business worlds. If you're a vertically-focused SaaS company looking to take back control of your payments stack to better serve your customers, please get in touch. We’re also hiring payments enthusiasts of all types (but mostly engineers) to help us meet growing customer demand.