ConnexPay raises $7m Series A round
ConnexPay, which provides a combined merchant-acquiring and virtual card issuing solution for mid-size companies, has raised $7 million in Series A funding, led by BIP Capital, according to Phocuswire.
The company says its technology matches payments from travel buyers to travel suppliers in real time, reducing risk and eliminating the need for online travel agencies, tour operators and consolidators to pre-fund payments or obtain lines of credit.
“Collaborating with Visa to help expand issuance of Visa virtual cards provides a substantial boost to ConnexPay,” says Bob Kaufman, founder and CEO of ConnexPay. “Our intention is to be a game-changer for travel intermediaries and our successful funding round launches us one step closer to making this mission a reality.”
ConnexPay uses Marqeta’s issuing technology and is expanding the usage of Visa virtual cards to its customers. It intends to use the funding to continue developing its technology, add staff and expand into new markets.
Founded in 2017, ConnexPay is initially focusing on the travel industry, but Kaufman says the technology is applicable to other categories such as marketplaces, event ticket brokerages and bill payment processors.
