ConnexPay funding round brings in US$7m
ConnexPay has announced that it has raised a Series A funding round of US$7m, led by BIP Capital. ConnexPay works by seamlessly matching payments from travel buyers to travel suppliers in real-time. The technology reduces risk, eliminating the need for online travel agencies, tour operators, and consolidators to pre-fund payments or obtain lines of credit.
ConnexPay’s patent-pending technology is used by connecting to the company’s flexible APIs or accessing a PCI-certified portal. ConnexPay is leveraging Marqeta’s issuing technology as it scales throughout North America and eyes continued market expansion.
ConnexPay also announced that it is expanding the issuance of Visa virtual cards in the travel industry. By collaborating with Visa’s issuing and acquiring financial institution partners, ConnexPay enables its customers to seamlessly use Visa single-use virtual credit cards to enable payments to travel suppliers.
While ConnexPay is initially focused on the travel vertical, its technology also has applications for non-travel e-commerce intermediaries, such as marketplaces, event ticket brokerage, bill payment, and others. The growth capital provided by the Series A funding will be used by ConnexPay to further technology development, increase personnel, and expand into new markets.