Finix Payments Inc. announced that it raised $17.5 million in Series A funding led by Bain Capital Ventures along with Insight Venture Partners, Aspect Ventures and Visa.
The San Francisco-based payments infrastructure platform plans to use the funding to accelerate product development and sales.
“Payments technology has reached an exciting tipping point, ” Richie Serna, founder and CEO at Finix, said in a company release, noting that Lyft, Airbnb and Mindbody have high valuations in part due to their own payments stacks.
“Our mission is to provide the foundation for the next generation of multi-billion dollar payments businesses by empowering them to become payments facilitators in months, not years.”
Finix claims that it can help businesses become payments facilitators in as little as two months, at a fraction of the average cost of $3 million to $5 million that it costs to build a system from scratch.
Topics: Mobile Payments