Finix raises $17.5m from Visa, others for debit push payments

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Finix, a startup offering tools for businesses to develop their own payments technology, has raised $17.5 million in Series A funding from investors that include Bain Capital and Visa.

The San Francisco-based firm, launched in 2015, will use the funds to enhance technology for businesses to enable debit push payments, according to a Tuesday press release.

Finix’s solution leverages APIs so businesses can accept payments and provide debit push payments and other disbursements via a fixed pricing model, according to the release.

Bain Capital Ventures led the funding round, and Bain partner Matt Harris will join Finix’s board of directors, the release said. Along with Visa, other participants in the funding round included Insight Partners and Aspect Ventures, the release said.

“Payments is a $2 trillion industry that remains stubbornly fragmented across consumers, merchants and processors, but this is starting to change as more and more traditional software companies are bringing payments in-house,” Harris said in the release.

“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,” said Vikram Modi, vice president and head of Visa Direct’s global platform, in the release.

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Venture funding Debit cards Payment processing Visa