Finix Raises $35 Million To Turn Even More Software Companies Into Payments Companies
Sequoia Capital leads round to help the company fuel product development and team expansion plans.
Finix, the payments infrastructure platform, announced today that it raised a $35 million Series B investment to keep up with growing customer demand and invest heavily in expanding its product and engineering teams. The round was led by Sequoia Capital with participation from existing investors Acrew Capital, Bain Capital Ventures, and others. New investors Activant Capital and Inspired Capital also participated in the round. This investment comes on the heels of Finix's Series A funding round just seven months ago and brings the company's total capital raised to more than $55 million. The new funding will enable Finix to grow its team to accelerate product innovation and meet the growing demand for embedded payments solutions.
"We're only just beginning to see what amazing experiences can be built when companies begin designing payments deeply into their user experience rather than treating it as a bolt-on. Every day, our customers prove to us they are able to build superior product experiences that delight both consumers and merchants when they have full control over their payments stacks," said Richie Serna, chief executive officer at Finix. "We envision a world where companies give just as much love and attention to the flow of money as the other elements of the product experience, which is why we're honored to be partnering with Sequoia–a firm that deeply understands what it takes to build amazing software products–as we enter our next phase of growth."
Customer-focused software companies build winning products by owning their payments stack so they can tailor things like the merchant onboarding experience and flow of funds to solve their customers' specific needs. In a world where the best product wins, mastering the payments experience is a strategic imperative and third-party payment service providers solutions no longer cut it. Just as Marqeta made it easy to issue cards, and Plaid made it easy to access account information, Finix is making it easy to own payments.
Historically, software companies that wanted to own their payments infrastructure only had two options: build payments in-house, which is costly and time-consuming, or outsource to a third-party payment service provider, which is expensive and can lead to a less compelling product experience. Finix is the first company to provide a third option - a holistic solution that enables growing companies to own, manage and monetize their entire payments experience. In addition to helping companies realize the promise of embedded payments, Finix's platform provides customized tools and insights to open up new opportunities for customer experience innovation.
"Building a payments operation is painful. Historically, software companies have had two options: either take that pain and integrate payments into your software, or give it to your customers in the form of a disconnected experience. Neither of those is a great option, but thanks to Finix there's now a third option: let Finix shoulder the pain, and use their developer-friendly building blocks to provide integrated payments for your customers," said Pat Grady, partner at Sequoia. "Your customers love the seamless experience, and you add payments as a nice new revenue stream. It's hard to imagine a future of disconnected software and payments, and it's hard to imagine a better team than this one to build the integrated future we all deserve."
Finix has a growing and diverse customer base that includes mobility management platform Passport Labs, Inc, private club management software platform Clubessential, retail point-of-sale company Lightspeed POS, small businesses cash-flow platform Kabbage, and more.
Finix was founded in 2015 by Richie Serna and Sean Donovan, who combined their unique software development and payments expertise to come up with a smarter way for software companies to own their payments stack to build the perfect product for their users.
Finix is the smartest way for businesses to own, manage and monetize payments. Built by payments experts from Stripe, Klarna, PayPal, and Worldpay, Finix is trusted by companies like Lightspeed POS Inc. and Clubessential to build and scale their payments infrastructure. Headquartered in San Francisco, with an additional office in Cincinnati, Ohio, Finix is a privately held company funded by Sequoia Capital, Acrew Capital, Bain Capital Ventures, Insight Partners, Visa, and others.
Sequoia helps daring founders build legendary companies from idea to IPO and beyond. We spur founders to push the boundaries of what's possible. In partnering with Sequoia, companies benefit from 48 years of tribal knowledge from working with founders like Steve Jobs, Larry Ellison, Larry Page, Jan Koum, Brian Chesky, Drew Houston, Adi Tatarko, Julia Hartz and Jack Dorsey. In aggregate, Sequoia-backed companies account for more than 20% of NASDAQ's total value. From the beginning, the vast majority of money we invest has been on behalf of non-profits and schools like the Ford Foundation, Mayo Clinic and MIT, which means founders' accomplishments make a meaningful difference.