Founded in 2015 by Richie Serna and Sean Donovan, Finix enables companies to own, manage and monetize their payments experience, and offers a platform with customized tools and insights. Its customer base includes mobility management platform Passport Labs; private club management software platform Clubessential; retail point-of-sale company Lightspeed POS; and small businesses cash-flow platform Kabbage, to name a few. Finix charges its customers a regular software fee, along with a sliding fee depending on the number of payments they process.
The company recently raised a $35 million Series B investment led by Sequoia Capital, with participation from existing investors including Acrew Capital and Bain Capital Ventures, as well as new investors Activant Capital and Inspired Capital.
Just seven months ago, the company raised $17.5 million in a Series A round, which was led by Bain Capital Ventures, with participation from Insight Venture Partners, Aspect Ventures and Visa. Its total amount raised now stands at $55 million.
This new infusion will be used to help Finix add to its team, which was at 60 employees at the end of 2019. Its employees include payments experts from established companies like First Data, PayPal, and Worldpay, as well as FinTech startups like Klarna and Balanced. In addition, Finix recently hired Girish Balasubramanian, who was most recently at Stripe, as its VP of Product & Data; Billy Chen, the former director of payments at Uber, is now International GM; and Austin Spires, who was previously at Fastly, has been named Director of Technical Solutions.
The new hires will help the company fast track product innovation, as well as meet the demand for embedded payments solutions. CEO Serna revealed that Finix’s larger clients have requested that the company expand its international support.
"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,” said Serna, who was previously a software engineer at Balanced, the first payments API for marketplaces.