ConnexPay More Than Doubles Client Base Since $110 Million Investment
ATLANTA, US / November 01, 2023: In the 12 months following its $110 million growth equity investment, ConnexPay, the first payments technology company to unify B2B payments both pay in and pay out, inside a single platform, has achieved significant growth. Notably, ConnexPay has doubled its customer base, with clients across six continents.
The funding, led by FTV Capital in October 2022, has enabled ConnexPay to accelerate and drive its international expansion efforts. Earlier this year, the business extended its global footprint with the launch of additional currencies, including British Pounds (GBP) and Euros (EUR) currencies, providing European customers the flexibility to receive and send payments in their native currencies across 28 new countries.
To help lead its global expansion, ConnexPay has made a number of key senior leadership appointments. Payments industry expert Blair Jeffery joined late last year as COO and leads ConnexPay’s strategic and operational teams to build a world-class operational function that is intensely customer focused, innovative, secure and highly responsive.
More recently, George Hansen was appointed as chief revenue officer, having previously served as head of global sales and account management at PayPal. Hansen will lead the company’s next phase of global expansion and growth, having built and led revenue teams in the US, EU, and SEA at PayPal and American Express. This year, ConnexPay’s annual revenue is forecast to grow 70% YoY, following 500% net revenue growth in 2022.
In addition to increasing its international reach, the business has continued to invest in its product offering with a keen focus on payout performance, while also providing customers even more flexibility and convenience. A partnership with financial technology leader Payouts Network facilitated the launch of push-to-card payouts via the ConnexPay platform. This new functionality ensures payments are easy, quick, safe and transparent for businesses looking to pay individuals, such as gig workers, by making payments directly to a person’s debit card. In addition, ConnexPay’s proprietary Intelligent Payment Routing technology continues to lead the industry in virtual card issuing performance.
In the coming weeks, ConnexPay will add acquiring in Canadian Dollars (CAD) to its existing virtual card issuing offering, allowing customers to process payments seamlessly in CAD.
ConnexPay’s ongoing growth and commitment to innovation has earned significant recognition from the wider business community. The company has been ranked on the 2023 Inc 5000 list of the fastest-growing private companies in America and selected as gold winner in the Best Instant Payment Innovation category in the Juniper Research Future Digital Awards 2023.
Thanks to its customer-first approach, ConnexPay boasts a 95% retention rate, serving businesses spanning the travel, insurance, advertising and ticketing verticals, among others. Recent new client wins include the health, travel and experience company Serefin; accounts payable automation company Plate IQ; and luxury travel company Bonotel. In addition, a new partnership with insuretech platform DisburseCloud expands ConnexPay’s reach into the insurance market.
Bob Kaufman, Founder and CEO at ConnexPay, said: “It has been a year of significant milestones for us here at ConnexPay, with the whole team’s dedication to transforming B2B payments propelling us forward on an exciting trajectory. Following FTV’s investment, we have doubled down on realizing our vision, and we can’t wait to continue supporting other businesses on their own growth journeys while we continue transforming the payments space in the years to come.”
Adam Hallquist, principal at FTV Capital, said: “We were impressed by ConnexPay’s differentiated technology, coupled with its rapid and profitable growth and seasoned leadership team; in the past year the company has continued to flourish.”
Hallquist added: “ConnexPay’s unique payments solution delivers tangible ROI to customers by converting payment processing from an expense to a new revenue stream. The strong demand for its services is undeniable, which has enabled the business scale in its core markets while also winning in new markets. We are pleased to be working closely with ConnexPay as it continues to improve the payments experience for customers around the world.”
To learn more about ConnexPay, visit: https://connexpay.com/
ConnexPay is the first company to bring together the two sides of the payment process — payments acceptance and virtual payments issuing — into a single platform with one contract and one reconciliation. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative intelligent routing issuing-only platform.Although ConnexPay started its journey with a focus on the travel and tourism space, ConnexPay’s solutions are applicable across a broad spectrum of corporate payment use cases. The platform is well suited for corporate disbursements like insurance and warranty claims, loyalty and rewards payouts as well as corporate procurements like media/advertising buys and ticketing.
The company’s technology simplifies an antiquated workflow, eliminates the need for pre-funded accounts, reduces supplier risk and the cost of accepting card payments while safeguarding consumer spend. Learn more at www.connexpay.com and follow us on LinkedIn.
About FTV Capital
FTV Capital is a sector-focused growth equity investment firm that has raised $6.2 billion to invest in high-growth companies offering a range of innovative solutions in three sectors: enterprise technology and services, financial services, and payments and transaction processing. FTV’s experienced team leverages its domain expertise and proven track record in each of these sectors to help motivated management teams accelerate growth. FTV also provides companies with access to its Global Partner Network®, a group of the world’s leading enterprises and executives who have helped FTV portfolio companies for two decades. Founded in 1998, FTV Capital has invested in over 130 portfolio companies, including Agiloft, Docupace, EBANX, Lean Solutions Group, LoanPro, LogicSource, Neptune, Patra, SingleOps and Vagaro, and successfully exited/partially exited companies including Enfusion (NYSE: ENFN), Globant (NYSE: GLOB), InvestCloud (recapitalized), MedSynergies (acquired by Optum), RapidRatings (recapitalized), Strata Fund Solutions (acquired by Alter Domus), VPay (acquired by Optum) and WorldFirst (acquired by Ant Financial). FTV has offices in San Francisco, New York and Connecticut.
For more information, please visit http://www.ftvcapital.com and follow the firm on LinkedIn.
Head of Marketing, ConnexPay