Investors boost ConnexPay, travel industry payments
Marketplace payments technology provider ConnexPay has secured additional funding from investors to reach $15 million, and it will use its funding to increase product offerings in the travel industry and expand in other e-commerce sectors.
New investor F-Prime Capital joined other investors in the funding round. F-Prime Capital is a global venture capital firm affiliated with FMR LLC, the parent company of Fidelity Investments.
ConnexPay collects and holds consumer payments and automates distribution to suppliers, a service it provides to airline consolidators, tour operators and online travel agencies. Initially established to address long-standing payment challenges in travel, the company has been studying other marketplaces and e-commerce intermediaries.
"Consumers, travel agencies and their suppliers were frustrated by the lack of transparency in the payment process," Bob Kaufman, CEO and founder of ConnexPay, said in a Tuesday press release. "While we initially built ConnexPay for the travel industry, we are seeing strong demand from non-travel businesses, such as marketplaces, event ticket brokerage, bill payment and insurance.”
The ConnexPay platform reinforces payment management and gives "control back to those protecting consumer money and helps strengthen business relationships,” Kaufman added.
Atlanta-based ConnexPay says it has combined the ability for businesses to safely accept payments from their customers with making payments to their suppliers on a single platform in real-time.
By streamlining the process, ConnexPay says customers benefit from improved profitability, reduced fraud, faster record reconciliation, and removing the need for pre-funded accounts and credit lines.
"We're excited to be backing ConnexPay because they are transforming how businesses accept and make payments," Gaurav Tuli, partner at F-Prime Capital, said in the release. "ConnexPay is delivering tremendous value to its customers and lifting all boats in the process with a more secure and transparent payment experience.”