ConnexPay More Than Doubles Client Base since $110 Million Investment

Payments
01.11.2023 12:35 pm

In the 12 months following its $110 million growth equity investment, ConnexPay, the first payments company to unify B2B payments, both pay in and pay out, inside a single platform, has achieved significant growth. Notably, ConnexPay has doubled its customer base, with clients across six continents.

International Expansion

The funding, led by FTV Capital in October 2022, has enabled ConnexPay to accelerate and drive its international expansion efforts. Earlier this year, the business extended its global footprint with the launch of additional currencies, including British Pounds (GBP) and Euros (EUR) currencies, providing European customers the flexibility to receive and send payments in their native currencies across 28 new countries.

Leadership Appointments

To help lead its global expansion, ConnexPay has made a number of key senior leadership appointments. Payments industry expert Blair Jeffery joined late last year as COO and leads ConnexPay’s strategic and operational teams to build a world-class operational function that is intensely customer focused, innovative, secure and highly responsive.

More recently, George Hansen was appointed as chief revenue officer, having previously served as head of global sales and account management at PayPal. Hansen will lead the company’s next phase of global expansion and growth, having built and led revenue teams in the US, EU, and SEA at PayPal and American Express. This year, ConnexPay’s annual revenue is forecast to grow 70% YoY, following 500% net revenue growth in 2022.

Product Growth

In addition to increasing its international reach, the business has continued to invest in its product offering with a keen focus on payout performance, while also providing customers even more flexibility and convenience. A partnership with financial technology leader Payouts Network facilitated the launch of push-to-card payouts via the ConnexPay platform. This new functionality ensures payments are easy, quick, safe and transparent for businesses looking to pay individuals, such as gig workers, by making payments directly to a person’s debit card. In addition, ConnexPay’s proprietary Intelligent Payment Routing technology continues to lead the industry in virtual card issuing performance.

In the coming weeks, ConnexPay will add acquiring in Canadian Dollars (CAD) to its existing virtual card issuing offering, allowing customers to process payments seamlessly in CAD. The business will also launch a physical cards program, providing customers with enhanced efficiency and value within a single platform.

Recognition

ConnexPay’s ongoing growth and commitment to innovation has earned significant recognition from the wider business community. The company has been ranked on the 2023 Inc 5000 list of the fastest-growing private companies in America and selected as gold winner in the Best Instant Payment Innovation category in the Juniper Research Future Digital Awards 2023.

Thanks to its customer-first approach, ConnexPay boasts a 95% retention rate, serving businesses spanning the travel, insurance, advertising and ticketing verticals, among others. Recent new client wins include the health, travel and experience company Serefin; accounts payable automation company Plate IQ; and luxury travel company Bonotel. In addition, a new partnership with insuretech platform DisburseCloud expands ConnexPay’s reach into the insurance market.

Bob Kaufman, founder and CEO of ConnexPay, said: “It has been a year of significant milestones for us here at ConnexPay, with the whole team’s dedication to transforming B2B payments propelling us forward on an exciting trajectory. Following FTV’s investment, we have doubled down on realizing our vision, and we can’t wait to continue supporting other businesses on their own growth journeys while we continue transforming the payments space in the years to come.”

Adam Hallquist, principal at FTV Capital, said: “We were impressed by ConnexPay’s differentiated technology, coupled with its rapid and profitable growth and seasoned leadership team; in the past year the company has continued to flourish.”

Hallquist added: “ConnexPay’s unique payments solution delivers tangible ROI to customers by converting payment processing from an expense to a new revenue stream. The strong demand for its services is undeniable, which has enabled the business scale in its core markets while also winning in new markets. We are pleased to be working closely with ConnexPay as it continues to improve the payments experience for customers around the world.”