ImpactAlpha, July 16 – “Horizontal” payment providers like Stripe and Square provide merchants complete end-to-end payments infrastructure, for a small fee per transaction. “Vertical” providers, like MindBody and Veeva, help software companies bring payments in-house to grow profits and market share.
Finix, a three-year old San Francisco-based startup, is the latter sort, effectively “white labeling” payments infrastructure for companies large enough to bring payments in-house (about $50 million in annual revenue) and streamlining the up-take process to allow businesses to build payments systems in as little as 60 days.
The savings add up. One client, Lightspeed, says it saves 0.40% on every transaction processes (or $4 million on every $1 billion in revenue).
Bain Capital Ventures led the $17.5 million round, which also included Visa, Insight Partners and Aspect Ventures. Earlier investors included Village Capital, Homebrew, Precursor Ventures, Act One Ventures, Class 5 Global and Argo Ventures.
