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 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”