California-based B2B payment network Finexio received a $1m Series Seed, led by James R. Heistand with participation from Loeb.nyc. Finexio's B2B payment capabilities fill the gap between existing solutions by intelligently routing payments on and off existing ACH and credit card rails to find the best possible transaction price.
"I was impressed with the team and vision behind Finexio, the large market they were going after, and the traction developed in such a short time to tackle a clearly addressable problem," remarked James R. Heistand, CEO Parkway Properties. "Our finance team had previously tried to implement a standard credit card payables program for our company that failed to gain any traction due to the high fees it forced upon our suppliers. Today we are still printing and mailing thousands and thousands of checks annually, but look forward to applying this truly unique solution to eliminate unnecessary process and cost for both us and our suppliers."