US paytech Finix is now officially a payments processor
San Francisco-based payments infrastructure firm Finix has announced it is now officially a payments processor, with direct connections to all major US card networks – American Express, Discover, Mastercard and Visa.
Finix becomes a payment processor
As a payments processor, Finix says it will be able to provide businesses with more control over their payment operations, higher availability and uptime and more opportunity to reduce operational costs.
The Infrastructure-as-a-Service start-up adds it also plans to offer integrated compliance and PCI tools and streamlined reporting to help in settlements.
“As a processor, we can reach more businesses and offer even more configurability, reliability, and pricing flexibility through a single integration,” Finix says.
Phil Ricci, senior vice president of payment solutions at Pathward, Finix’s banking partner, says the company has “joined an elite group” by becoming an acquiring processor, adding that its “tech-forward approach to payments will quickly set them apart” as it expands its business model.
Founded in 2015, Finix started out by helping businesses set up their own payment infrastructures in-house, charging companies a sliding software fee based on how many payments they process.
The company secured $30 million in funding in August last year, taking its total capital raised to date to $133 million.
