San Mateo based B2B payments startup Finexio has raised a $4m Series A led by James R. Heinstand.
Finexio develops solutions with the aim of reducing companies’ reliance on paper in accounts payable departments. The company plans to use the latest funding to focus on sales and marketing, it said. The company deploys straight-through processing and closed-loop payment networks to streamline B2B transactions from AP departments. Finexio company launched last year and said its gross transaction volume has risen by an average of 78 percent month-over-month. Finexio raised $1 million in 2016 before its launch. In a conversation with PYMNTS following the funding, Rolfson highlighted some of the challenges that businesses face even when they deploy digital and virtual solutions.