Payments infrastructure platform Finix has raised $30 million in a funding round joined by American Express.

The General Partnership, Franklin Templeton, Acrew Capital, Bain Capital Ventures, Cap Table Coalition, Homebrew, Insight Partners, Inspired Capital, Lightspeed Venture Partners, Precursor Ventures, PSP Growth, and Vamos Ventures participated in the round.

In a tough funding environment, Finix says that the financing is at an increased valuation on its last round in early 2020. However, it has not specified the valuation.

Built by former executives from Stripe, Klarna, PayPal, and Worldpay, Finix enables companies to build their own payments processing stack using a series of basic APIs and dashboard reporting systems.

With clients including Lightspeed POS, Passport, and Kabbage from American Express. the firm says it doubled total annual payments volume from 2020 to 2021, grew to support over 12,000 active sub-merchants each month, and handled billions of API calls with 99.999% uptime.

Matt Harris, MD at Bain Capital Ventures and Finix board member, says: "The next generation of fintech is all about businesses embedding financial services when and where their customers need them most. Finix is a leading example of the type of state-of-the-art payments infrastructure provider that makes this embedded experience possible."