Investors pour $170 million into commercial payment startups in the latest round of funding
Investors around the world have poured $170 million into different commercial payments firms. Finix and RecargaPay, Tyme and Cirralto have received $100 million and $70 million, while Cirralto has placed a commitment to raise $14.3 million.
Headquartered in San Francisco, Finix which is a payments infrastructure company has raised over $100 in total funding and would be putting 10% of it toward Black and Latinx investors.
The company also hired three senior executives to Chief Technology Officer, Chief Operations Officer, and Senior VP of Revenue roles during its Series B to ‘facilitate a special purpose vehicle (SPV) to bring more than 80 traditionally marginalized investors onto its cap table’.
Last year the company raised US$17.5m in Series A funding towards growing its payments infrastructure and expanding its worldwide footprint. Visa, Insight Partners, and Aspect Ventures have also joined the company as investors. In Series B it raised $75 million. Finix is a privately held company with funding from American Express Ventures, Bain Capital Ventures, Homebrew, Inspired Capital, Lightspeed Venture Partners, Sequoia Capital, Visa, the press release noted.
Brazil-based payments firm, RecargaPay has raised $70 million in a Series C round of funding led by DC Ventures and Fuel Venture Capital, including the participation of ATW, LUN Partners, and Experian. The company would use this funding towards the expansion of its financial services to small businesses and consumers.
The press release notes that the pandemic has accelerated the growth of the company by 500% in 2020. RecargaPay is a multi-function mobile wallet that is for customers as well as businesses.
On the other side of the world, Australia-based B2B payments company, Cirralto has plans to raise $14.3 million (AD18 million) under ‘firm commitments’. This will be done using “its placement capacity pursuant to its listing through the issue of 200 million fully paid ordinary shares to institutions, sophisticated and professional investors at an issue price of $0.09 per share”.