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August 26, 2020Blog Posts

Payments services company Finix adds $30 million to its Series B

TechCrunch

Finix, a startup that provides payments-related services to other companies, announced it has extended its Series B financing with a $30 million investment led by Lightspeed Venture Partners and American Express Ventures.

The fintech startup has now raised more than $96 million in venture capital. According to CEO and co-founder Richie Serna, $90 million of that total was grabbed in the last year alone.

Finix declined to disclose its revenue, revenue growth, new valuation, current profitability or number of customers in an interview with TechCrunch. Serna was willing to disclose that Finix’s transaction volume more than quadrupled from Q2 2019 to Q2 2020 as a comp for customer growth, but declined to be more granular regarding the changing data.

Finix helps other startups set up their own payment processing infrastructure systems in-house. Sometimes, businesses will go to a company like Stripe, which collects processing and transaction fees, to add payments to their service. Finix helps businesses bring Stripe -esque services and payment infrastructure in-house. The idea is that companies can thus pocket the extra change that third-party payment providers would have otherwise cut away from transactions, minus the cost that Finix charges them.

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