ConnexPay secures $110m growth equity investment led by FTV Capital
ConnexPay, an Atlanta-based paytech that combines payments acceptance and virtual payments issuing in a single platform, has secured a $110 million growth equity investment.
The round was led by FTV Capital and saw participation from previous investors. It brings ConnexPay’s total funding to date to $145 million.
Alongside the investment, FTV Capital principal Adam Hallquist has joined ConnexPay’s board of directors, and Chris Winship, partner at FTV Capital, has joined as a board observer.
The firm says the funding will be used to support its international expansion in Europe and beyond. Cash will also be put towards “enhancing” its payments platform.
Initially developed to serve the travel industry, including travel agencies and tour operators, ConnexPay has branched out into other verticals to support more companies that function as payment intermediaries, such as online marketplaces, delivery services and fintechs.
Over the past 12 months, ConnexPay claims to have more than doubled its number of active clients and its employee count and boasts 500% net revenue growth year-to-date over 2022.
Acting as both acquirer and issuer, ConnexPay says it can more easily connect payments coming in to payments going out, which brings “real value to both the consumer and merchant”.