Today our portfolio company ConnexPay, a payment provider changing the way travel intermediaries do business, announced that it has raised a Series A funding round of $7 million led by BIP Capital.
ConnexPay works by seamlessly matching payments from travel buyers to travel suppliers in real-time. The technology reduces risk, eliminating the need for online travel agencies, tour operators, and consolidators to pre-fund payments or obtain lines of credit.
ConnexPay’s patent-pending technology is easily utilized by connecting to the company’s flexible APIs or accessing a PCI-certified portal. ConnexPay is leveraging Marqeta’s issuing technology as it scales throughout North America and eyes continued market expansion. ConnexPay further announced that it is expanding the issuance of Visa® virtual cards in the travel industry. By collaborating with Visa’s issuing and acquiring financial institution partners, ConnexPay enables its customers to seamlessly use Visa single-use virtual credit cards to enable payments to travel suppliers.
Mark Buffington, co-founder and CEO of BIP Capital, shared: “ConnexPay is transforming online payment acceptance and issuance for the travel industry. ConnexPay reduces risk, lowers the cost of accepting cards, and enables unlimited credit and easier reconciliation. We’re pleased to work with the ConnexPay team to continue to accelerate the company’s growth.”
While ConnexPay is initially focused on the travel vertical, its technology also has applications for non-travel e-commerce intermediaries, such as marketplaces, event ticket brokerage, bill payment, and others. The growth capital provided by the Series A funding will be used by ConnexPay to further technology development, increase personnel, and expand into new markets.
Read more in the official press release here.