Travel payment startup ConnexPay raises $7M Series A round
07/01/2019|11:46:19 AM|PhocusWire

ConnexPay, which provides a combined merchant acquiring and virtual card issuing solution for mid-size companies, has raised $7 million in Series A funding.

The round was led by BIP Capital.

The company, which won the travel innovation award in the startup category at the Phocuswright Conference 2018, says its technology matches payments from travel buyers to travel suppliers in real time, reducing risk and eliminating the need for online travel agencies, tour operators and consolidators to pre-fund payments or obtain lines of credit.

ConnexPay uses Marqeta’s issuing technology and is expanding the usage of Visa virtual cards to its customers.

The company says it will use the funding to continue developing its technology, add staff and expand into new markets.

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