London-based APEXX, a company that consolidates all global payment providers into a single integration point, announced on Monday that it has raised $25M (approximately €23.41M) in a Series B round of funding.
The investment came from both existing and new investors. Existing investors include MMC Ventures, who have backed the company since 2017, and Alliance Ventures and Forward Partners, who increased their investments in the previous round.
With this investment, MMC Ventures’ Chairman and co-founder Alan Morgan will take a seat on APEXX’s board.
Morgan says, “APEXX has achieved an inflection point, demonstrating its ability to win and expand large enterprise customer accounts, including CarTrawler, Ryanair, AVON Cosmetics and XE.Com.”
“We’ve seen good momentum in terms of customer growth, and we are delighted to continue to back Peter and his talented team as they work with merchants to rethink payments and save money.”
“The global partner for local payments”
Founded in 2016 by Rodney Bain, Peter Keenan and Toreson Lloyd, APEXX acts as a Payments-as-a-Service platform that combines acquirers, gateways, shopping carts, and alternative payment methods into a single marketplace and one-stop solution for merchants.
The authorisation, processing, and optimisation of operations are managed by APEXX through a comprehensive and open service.
The UK company says, “Our approach creates a more efficient and cost-effective solution that cuts through the complexity of e-payments and leaves behind legacy technology systems. Our mission is to help businesses grow by reducing unnecessary costs, increasing conversion rates and simplifying the payment execution process.
By tackling systemic pain points like complexity, lack of trust, sluggish speed, and rigidity of solutions, APEXX helps top companies like Ryanair, CarTrawler, and Avon in enhancing their payment capabilities.
Merchants can also access over 12 solution providers throughout the BNPL network through APEXX Connect, which was introduced since the Series A round and is accessible through a single API.
Capital utilisation
APEXX says it will use the funds to develop its products and technology and to expand its presence in North America via its New York office.
The company will also strengthen its position as a payment orchestration platform and BNPL aggregator by investing in skills across the entire global payments network. This will enable it to offer more payment options to companies around the world.
Co-founder Peter Keenan says, “We‘ve seen strong growth across international markets, delivering significant cost savings and transaction conversion benefits. We look forward to using these funds to further consolidate our position in driving the future of global payments.”
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