Led · Series B · Dec 2021

ConnexPay’s core product is a single platform that combines payments acceptance (acquiring) and virtual payments issuing, providing one integration point, one contract and one reconciliation. The technology enables instant access to incoming funds, lower costs of accepting card payments, high card rebates, elimination of pre-funded accounts, and reduced supplier risk. ConnexPay also acts as a BIN sponsor and card processor and uses a patent-pending Intelligent Purchases Routing system that issues from 40+ BINs to optimize virtual card payments. Founded in 2017 to serve the travel industry, the company now supports travel agencies, tour operators, air and hotel consolidators and related intermediaries such as marketplaces, delivery services, ticket brokers, fintechs, and insurance/warranty providers. Over the past 12 months ConnexPay more than doubled its active clients and employee count, is profitable, and is processing billions of dollars in payments. The company plans to use new funding to accelerate international expansion (Europe, APAC and beyond), support a global launch by year-end, continue technology enhancements, and add key international hires. ConnexPay provides a combined merchant acquiring and virtual card issuing solution designed for mid-sized companies, initially built for the travel vertical. Its platform simplifies payment distribution, eliminates the need for pre-funded accounts, reduces supplier risk, lowers card-acceptance costs, and supports intelligent payment routing. After COVID-19 disruption the company rebuilt transaction volumes above pre-pandemic levels and is forecasting 5x revenue growth in 2022. ConnexPay has expanded beyond travel into e-commerce and other commerce intermediaries and emphasizes a single integration point versus multiple contracts and integrations. The company plans product and geographic expansion, including a push into online marketplaces and Europe with hiring and technology development to support multiple currencies and languages. Founded in 2017 and headquartered in Naples, Fla., ConnexPay has raised a total of $35 million to date. ConnexPay offers a comprehensive payment gateway that consolidates payment acceptance, issuance, and routing into one platform, enabling real-time payments from consumers to travel companies and on to hospitality suppliers. Its solution includes PCI‑certified payment acceptance, anti-fraud detection, patent‑pending intelligent routing, and single‑use virtual cards to reduce fraud and card acceptance costs. The platform removes the need for large pre-funded accounts, lines of credit, or personal guarantees by issuing linked real-time payments to suppliers. ConnexPay’s technology is integrated into industry booking engines and delivered as end-to-end SaaS booking tools for small and mid-sized travel agencies, OTAs, and TMCs. While initially focused on travel, the company is seeing demand from other verticals such as marketplaces, event ticket brokerage, bill payment, and insurance and plans to expand product offerings accordingly. The company was founded in 2017 by Robert (Bob) Kaufman and is using new capital to accelerate growth, hire across the company, and enhance its product. ConnexPay is a financial technology company that provides a combined merchant acquiring and virtual card issuing solution to mid-size corporations, primarily serving travel intermediaries. Its technology matches payments from travel buyers to travel suppliers in real time and is accessible via flexible APIs or a PCI-certified portal. The company leverages Marqeta’s issuing technology and is collaborating with Visa’s issuing and acquiring financial institution partners to enable customers to use Visa single-use virtual credit cards. Led by founder and CEO Bob Kaufman and based in Atlanta, GA, ConnexPay raised $7m in a Series A round led by BIP Capital. The company intends to use the funds to further technology development, increase personnel, and expand into new markets. While initially focused on the travel vertical, the technology also targets non-travel e-commerce intermediaries such as marketplaces, event ticket brokerage, and bill payment. ConnexPay has developed a combined merchant acquiring and virtual card issuing solution that leverages CSI’s globalVCard technology to offset merchant acquiring fees with card-issuing rebates and provide full transaction reconciliation. The product targets intermediary merchants in travel, e‑commerce and other higher‑risk verticals, enabling lower card‑acceptance fees, reduced sponsor‑bank reserve requirements, unlimited credit and additional cash for growth. The company is positioned for mid‑size corporations and seeks to be an industry leader in payments for traditionally higher‑risk sectors. ConnexPay is led by founder and CEO Robert (Bob) Kaufman, who previously ran the Virtual Pay division at U.S. Bank. The company announced an investment from CSI Kick Start in July 2017; the amount of the deal was not disclosed.