8.6 C
New York
Thursday, June 8, 2023
Home News A rival to Stripe and Square emerges! Finix raises $35m

A rival to Stripe and Square emerges! Finix raises $35m

Finix has raised a $35 million Series B. Sequoia led the round, which also saw participation from new investors Activant Capital and Inspired Capital.

Finix did not disclose a new valuation as part of its round and declined to share any growth metrics regarding its business. Instead, it offered a TAM figure and noted the number of countries in which it currently operates.

Finix CEO Richie Serna

Finix CEO Richie Serna says: “The processing fee which would go to big US payments infrastructure companies such as Stripe and Square can go back into the pocket of smaller businesses by using Finix’s alternative infrastructure. Stripe takes 2.9% and $0.30 “per successful card charge”, whereas Finix charges businesses a regular software fee alongside a fluctuating fee dependent on the number of payments they process.”

The CEO points to bigtechs such as Uber and Airbnb, where between 200 and 500 people are employed to work on payments alone. Building at a time when in-house seemed like the only option, Serna says there is no necessity to do this now.“By bringing their payments back in-house, and offering a more comprehensive, all in one solution, they can actually take more revenue”

Jan Cerny
Jan is an innovation enthusiast and Fintech news reporter. He specializes in news distribution, social media, and content analysis.

Recent posts

The Rapid Growth of India’s Neobanking Market: A Digital Revolution

This article explores the factors driving this growth and the future prospects of the neobanking sector in India.

FinTech Giant Stripe Sets Its Sights on the Credit Game

In a surprising move, Stripe, the leading FinTech company known for its robust payment processing platform, has announced its entry into the credit industry.

Responsible Lending in Today’s Economy: A Guide to Sustainable Financial Practices

In this blog post, we will delve into what responsible lending truly means in today's economy and explore its significance in promoting long-term economic stability.

Banks as Facilitators of Everyday Life: A Closer Look at Their Role and Impact

In this blog post, we will delve into the various ways banks serve as facilitators in our daily lives and explore the impact they have on individuals and society as a whole.