Accounts payable solution provider Finexio has announced a tenfold increase in supplier spend enrolled in Q1 2020, onboarding $1.2 billion in customer accounts payable. According to the company, this growth was achieved after the firm raised $2.5 million in expansion capital and partnering with other companies including Mastercard and BirchStreet Systems.
“Electronic payments dominate the personal finance space, yet in the United States, $12 trillion is still spent on paper checks when it comes to B2B payments,” said Ernest Rolfson, CEO and founder of Finexio.
The company provides its customers with 100% elimination of manual payments and reduces the workload related to financial works such as contacting the vendor to managing preferred payment methods and to track payments when send and received.
The company says its customers currently spend $2.3 billion across 35,000 suppliers.