ConnexPay will use growth capital to advance technology and expand to markets beyond online travel instant payment services.
NAPLES — Electronic payment provider ConnexPay, a startup fintech company co-headquartered in Atlanta and Naples, raised a Series A funding round of $7 million led by BIP Capital, one of the Southeast’s most active venture investors.
Launched in 2017, ConnexPay works by 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.
Additionally, ConnexPay has announced 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 use Visa single-use virtual credit cards to enable payments to travel suppliers, according to a statement.
“Collaborating with Visa to help expand issuance of Visa virtual cards provides a substantial boost to ConnexPay,” says ConnexPay founder and CEO Bob Kaufman in the statement. “Our intention is to be a game-changer for travel intermediaries and our successful funding round launches us one step closer to making this mission a reality."
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.