payment technology company Finix raised $30 million in new capital, bringing the company’s total funding to $133 million.
“Finix has increased its valuation despite the tougher economic environment this year,” the company said in a statement. Press release Wednesday (August 10).
Backers for this round included a mix of new and existing investors, including The General Partnership (TheGP), Franklin Templeton, American Express Ventures, Acrew Capital and Bain Capital Ventures.
Dan Portillo, co-founder and managing partner of TheGP, said his company invested in Finix because it believes the company is the only payments provider that can give software platforms the flexibility to succeed as they grow. they evolve.
“The payments space is surprisingly young – only 9% of payments are digital today,” Portillo said in the release. “And if the past two years have taught us anything, businesses with modular and configurable payment technology are best equipped to take advantage of e-commerce.”
Based in San Francisco, Finix provides payment technology to software platforms such as Lightspeed POS Inc., Passport and American Express’ Kabbage. The company said it plans to announce new features to help software platforms manage their payments and merchants in the coming months.
Last year, Finix provided $100 million in funding and pledged to direct 10% of its round to black and Latino investors.
See also: Finix passes $100 million in funding and adds executives
During its Series B round, Finix released a Special Purpose Vehicle (SPV) to invite more than 80 traditionally marginalized investors to its cap table, with the plan to set a standard for how companies can bridge the racial wealth gap and drive inclusiveness.
Tiffani Ashley Bell, founder and executive director of The Human Utility and SPV investor, said at the time that the SPV “offers tremendous value.”
“It empowers talented and knowledgeable investors and operators from diverse backgrounds – especially black and Latinx people – who have traditionally been excluded from investing early in rocket startups to be able to do so,” Bell said.