Accounts payable solution provider Finexio has announced it has raised US$2.5 million in expansion capital from both existing and new investors. The firm will use the funding to bolster its growth programme.

The company says its 2019 gross dollar volume (GDV) increase is nearly 300% over the prior year. This follows a 375% increase in the year before. Transaction volume in 2019 has increased on average 24% month over month due to customer wins, new payment products, and its supplier enablement capabilities. The company also says that, in 2019, the total dollars in its proprietary B2B payment network have grown on average 31% month over month as an increased number of suppliers and spend elect to be paid by Finexio via virtual card or ACH instead of paper cheques.

The company’s customers pay upwards of US$2.5 billion to over 35,000 suppliers every year. Moreover, Finexio is embedded with channel partners whose customers spend north of US$15 billion annually, predominantly on paper, providing a large base of customers and spend for its AP payment solution to address in the coming years.

Along with the financing, the company has appointed Sunil Sabharwal to serve on its board of directors.