US-based payment technology developer Finix yesterday received $17.5m in a series A round backed by payment processing firm Visa.
Bain Capital Ventures, the VC arm of private equity firm Bain Capital, led the round, which also included Insight Venture Partners, Aspect Ventures, Homebrew, Precursor Ventures and Act One Ventures.
Finix has developed technology that is used by businesses to manage and monetise payments through tokenisation, merchant onboarding, settlement, reporting and risk management tools.
The company also provides a platform that enables customers to send funds directly to consumers and small businesses via their payment card accounts.
Finix said the investment increased its overall funding to more than $20m, though it has not disclosed any previous funding rounds. Homebrew, Precursor Ventures and Act One Ventures were identified as returning backers for the series A round.
Matt Harris, a partner at Bain Capital Ventures, has joined the company’s board of directors in conjunction with the round.
Vikram Modi, vice-president and head of Visa’s direct global platform, said: “As we move into the next wave of payments innovation, we’re excited to continue our collaboration with Finix to enable seamless, real-time disbursements.
“Through this collaboration, we continue to provide simpler and faster payout solutions that can be made available for consumers and small businesses around the world.”