Finix began as a payments infrastructure business and officially became a payment processor in 2023. The company builds payments tools for businesses that have both in‑store and online footprints, including integrations with multiple physical payments devices and a cost‑plus pricing model that surfaces markups. CEO Richie Serna says Finix doubled down on the processor strategy as transformational for the business and that the company supports merchants across the US and Canada. Serna told TechCrunch Finix quadrupled its revenue in the last year; he declined to share current merchant counts but noted Finix supported more than 12,000 merchants in 2022 and said it closed more deals in 2024 than in the company’s prior history. Finix has about 130 employees today and plans to grow the team and expand into more countries. The company has raised capital to fuel this expansion and further compete with larger processors such as Stripe. Finix builds payments infrastructure as a SaaS product that enables software companies to process their own payments via developer-friendly APIs. The company recently transitioned from being solely an API provider to directly facilitating payments and entering in-person payments, allowing it to serve smaller customers below its prior ~$50 million transaction-volume sweet spot. Finix says this strategy shift and product expansion reduced onboarding time for customers and drove growth over the past six months. The startup reported that Q2 2022 was its best quarter ever for new deals closed. Finix has raised multiple financings to date and did not disclose a valuation for its latest round, saying the capital raised this summer occurred at an increased valuation. The company positions itself as an open ecosystem alternative to competitors like Stripe. Finix supplies the plumbing that lets startups and merchants run payments in-house rather than using plug-and-play providers. The company charges customers a software fee plus a sliding fee tied to processed payments and targets businesses with high transaction volumes. Finix recently launched Flex, an underwriting model intended to reduce switching costs between payment providers. Management declined to disclose revenue, valuation, profitability, or customer count, but said transaction volume grew roughly 4.5x from Q2 2019 to Q2 2020. The firm has grown its customer base month-over-month and plans to use new funding to expand headcount. As of the article, Finix had a team of 85 employees and intends to double that by mid-2021. Finix is a software-as-a-service startup that sells payments technology to other businesses and self-describes as a payment infrastructure company. It provides APIs and tooling that let software companies embed payments into their platforms, charging a regular software fee plus a sliding fee tied to payment volume rather than a fixed per-transaction percentage. Finix positions itself to help vertical SaaS companies bring payments in-house to capture more revenue and simplify complex relationships across processors, banks, and networks. The company plans to use new funding to scale the organization, beef up product and engineering, expand international payments support, and double headcount by year-end (it had about 60 staff previously). Finix declined to disclose a valuation or growth metrics in this round, but said it provided a TAM figure and noted the number of countries in which it operates. Including an October 2017 seed and a $17.5M Series A in July 2019, Finix has now raised more than $55M to date. Finix is a payments infrastructure platform that gives businesses a way to own, manage and monetize their entire payments experience without the expense of building an in-house system. The platform offers APIs and dashboards, a fixed pricing model so customers don’t forfeit basis points, and tools to configure the payments stack and manage provider ecosystems through a single platform of record. Finix is SOC I and SOC II, PCI‑Level 1 and GDPR compliant and is used by customers such as Clubessential and Lightspeed POS Inc. Founded in 2015 and based in San Francisco, the company plans to use the new funding to accelerate product development and sales worldwide. The Series A brings total capital raised to more than $20m to date. In conjunction with the funding, Matt Harris of Bain Capital Ventures joined Finix's board of directors.

Total raised

$188M

Funding rounds

5

Latest round

Series C

Latest activity

Oct 2024