In May, J.P. Morgan reported that integrated payments—those distributed via software—“should continue to grow at 2x the market for years to come and is just ~10% penetrated in the U.S,” up from 8% six months prior. By enabling companies to own their payments, we help our customers customize and expand their digital payments capabilities at record speeds. For example, Kabbage, a small businesses cash flow provider, used Finix to launch a digital gift card solution for small businesses in a matter of days. Passport, the mobility management platform, has spent the pandemic helping cities like Austin, TX and Atlanta, GA migrate to mobile payment solutions built on our payment facilitation platform as they embraced contactless parking.
To help even more software platforms own and monetize their payments, we recently launched Flex. The beta product allows software platforms and independent software vendors (ISVs) to begin earning payments revenue today while reducing the costs of becoming a payment facilitator later. By using Flex, clients can build and scale on the same Finix platform and API they’ll use as a payment facilitator, removing traditional switching costs and technical challenges. Several companies are already using Flex to future-proof their payments strategy.
Our Q2 growth comes amidst recent private and public market activity, which underscores the explosive growth of the payments industry. In the last few months, Stripe reached a $36 billion valuation citing a surge in businesses accepting digital payments for the very first time, and Checkout.com claimed a $5.5 billion valuation with a 250% increase of yearly transaction volume from May ‘19 to ‘20. Square has seen its market cap double since May, and PayPal just reported its strongest quarterly performance ever. More and more companies are combining payments and software, and our growth and new product offering position us perfectly to play a major role in the digital payments revolution that’s only just begun.
- BlogPublished 02.04.20
Announcing Finix's $35 Million Series B Led By Sequoia Capital2019 was an amazing year for Finix! We grew to more than 60 Finixians around the country–including recent executive hires from Stripe, Uber, and Fastly, expanded to five countries, and last July, we raised a $17.5 million Series A. All this to help our customers capture more of the $2T global payments market and provide a superior user experience to their customers. We are grateful and humbled customers like Clubessential, Lightspeed POS, Kabbage, and Passport trust us with their most mission-critical business functions.