ConnexPay Expands Global Presence by Launching British Pounds and Euros
ConnexPay has launched British pounds and euros currencies to expand the global presence of its all-in-one platform for B2B payments.
This launch serves to benefit European companies, as they are now able to receive and send payments in their native currencies, the payments technology company said in a Tuesday (July 18) press release.
“After five years building our solution to great success in North America, we’re excited to launch native currencies in Europe knowing that our solution is fit for purpose, global in scope and simply connects payments,” ConnexPay Founder and CEO Bob Kaufman said in the release.
The ConnexPay platform allows businesses to enjoy immediate access to incoming customer payments, a convenience that eliminates the time-consuming waiting period that typically could take anywhere from days to weeks, according to the press release. This solves cashflow problems for company’s entire supply chain.
The platform also integrates fraud prevention and chargeback management, as well as a fully-featured reporting and analytics suite, the release said.
“We have shown our international customers that having both card issuing and acceptance as a single solution can significantly increase efficiencies and lower the costs of both accepting incoming payments and making cross-border payments,” Kaufman said in the release. “I'm thrilled to already have some innovative customers on board with the ability to issue in more currencies, helping these companies scale as we scale, and continuing to work with them to bring their services to customers around the globe.”
This news comes about nine months after ConnexPay raised $110 million from a growth equity investment by FTV Capital and said it would use the funding to expand in Europe and beyond as well as enhance its platform.
Founded in 2017, ConnexPay’s original goal was to serve the travel industry, but it has since expanded to work with verticals that act as payment intermediaries, like online marketplaces, delivery services, ticket brokers, emerging FinTechs, and insurance and warranty providers.
In April, the firm teamed up with FinTech firm Payouts Network to enable Push-to-Card payouts.
Push-to-Card payouts provide value in scenarios where virtual card acceptance isn’t possible, ConnexPay said at the time. For example, it lets businesses pay gig workers who drive for delivery aggregators in real time.
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