Startup Finix Inc. today announced that it has raised $75 million in funding to grow the adoption of its namesake payments platform, which processes more than 400 million transactions per day.
Acrew Capital, Leap Global and Lightspeed Venture Partners jointly led the Series C investment. They were joined by more than a halfdozen other backers including Citigroup Inc.’s venture capital arm. The cash infusion brings Finix’s total outside funding to more than $200 million.
San Francisco-based Finix offers a platform that merchants use to accept payments from customers. According to the company, a number of competing services require programming expertise to set up. Its platform has no such requirement, which makes it more accessible for businesses without in-house development teams.
“Finix offers no-code payment solutions for the 22 million businesses without developers, enabling seamless payment integrations with little to no technical expertise,” said co-founder and Chief Executive Officer Richie Serna. “Even businesses that have developers don’t want to spend their time or resources on payments.”
The company provides a checkout page that online retailers can embed into their websites to process purchases. A no-code configuration tool makes it possible to customize the page with a company’s logo and brand materials. Online shoppers can pay using credit cards, bank transfers, digital wallets such as Apple Pay and other methods.
For merchants without a website, Finix offers the ability to create payment links. Such links direct customers to a standalone checkout page that has been preconfigured with the details of their purchase.
Processing in-store purchases is another task that Finix promises to ease. According to the company, retailers that sign up for its platform receive access to payment terminals they can deploy in their stores. A cloud-based dashboard makes it possible to manage the devices through a centralized interface.
According to Finix, its platform also eases several of the other chores involved in processing customer purchases. One feature speeds up the task of reviewing transaction cancellation requests. Another enables merchants to implement tokenization, a cybersecurity technique that helps protect financial data such as customers’ credit card numbers from hackers.
Finix offers its core set of tools for merchants alongside features geared towards e-commerce marketplace operators. According to the company, those features simplify tasks such as enabling third-party sellers to offer their merchandise through a marketplace. It can process user purchases, distribute the proceeds to sellers and apply platform fees.
The company disclosed on occasion of today’s funding round that its revenue has quadrupled over the past year. To maintain that growth, Finix will hire more employees and expand into new markets.