Finix has extended its Series B funding round to $75 billion, according to a company blog post.
The total funding is now $96 million for the company, which helps other firms transition to digital payments. The round was led by Lightspeed Venture Partners. American Express Ventures also participated.
The new capital, according to the post, will aid the company in hiring more people and “more quickly pursue our goal of turning all software companies into payments companies.” Many customers use Finix to help build and manage payment infrastructures, which can reduce costs and add to flexibility while accelerating time to market.
Finix, with the recent deluge in eCommerce demands due to the pandemic, recently quadrupled its payment volumes that customers process through the platform, according to the post. The company said it believes the new trend of adding payments capabilities to Software-as-a-Service (SaaS) offerings has potential and will keep growing.
Will Kohler, partner at Lightspeed Venture Partners, said in the post that Finix included several of Lightspeed’s main interests in “enterprise software, eCommerce, and FinTech — to empower software companies to design payments deeply and thoughtfully into their user experience while also improving their bottom line.”
“The pandemic has made it clear that seamless digital payments experiences are more critical to success than ever before,” he said, according to the post.
Finix CEO Richie Serna made a case to PYMNTS that every firm should have the capabilities to process payments. He said traditional modes of becoming a payment processor can end up taking years to complete and can include costs in the millions, alongside hiring engineers to help. His company, he said, allows firms to monetize payments and handle them in-house.
Finix was also the recipient of a $35 million funding round led by Sequoia Capital in February. Activant Capital and Inspired Capital also participated. Serna said that round was used to scale up operations, hire more people and expand into international markets.
