PYMNTS
Payments gateway ConnexPay raised $20 million in a Series B funding round led by card issuing platform Marqeta, according to a press release emailed to PYMNTS on Thursday (Dec. 9).
A Marqeta customer since 2018, ConnexPay links acceptance and issuance for marketplace companies and commerce intermediaries. The fresh infusion of capital brings the company’s total fundraising to $35 million.
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Marqeta’s backing of ConnexPay marks its first corporate investment since going public on Nasdaq in June. The investment gives Marqeta a seat on ConnexPay’s board.
“ConnexPay’s platform solves for the complexity of marketplace and intermediary business models, which have to deal with convoluted money flows and constant margin pressure. We see a lot of possibilities around the optionality their platform provides for payment acceptance, delivery and timing, offering innovators the ultimate control over funds across multiple money movement rails,” said Renata Caine, SVP, International, Strategy & Planning at Marqeta.
“ConnexPay’s ability to withstand the demands of COVID-19 in the travel vertical while growing and expanding their business to new verticals is a testament to their team and technology, and we’re excited for what’s in front of this company,” Caine added.
