Finexio, a fintech company offering a comprehensive accounts payable “payments as a service” solution, today announces that it has achieved 1,081% growth in supplier spend enrolled in the first quarter of 2020, onboarding more than $1.2 billion in customer AP spend. This growth comes after raising $2.5 million in expansion capital and strategically partnering with a variety of companies, including Mastercard and BirchStreet Systems.
Today, 60% of companies still only use paper checks, which cost as much as $31 per check to issue. Many accounts payable teams are still printing bills, stuffing envelopes and mailing paper checks. As businesses transition to operate remotely, physically mailing checks looks even more antiquated.
Finexio provides customers with the opportunity to eliminate 100% of manual payments. The platform reduces the workload of finance teams – from contacting vendors to managing preferred payment methods, to the time it takes to track when payments are sent and received. Finexio also offers stronger security with bank verification, dual-factor authorization and payment delivery transparency – all without the need to store payment information.
“Electronic payments dominate the personal finance space, yet in the United States, $12 trillion is still spent on paper checks when it comes to B2B payments,” said Ernest Rolfson, CEO and founder of Finexio. “We’ve experienced tremendous growth in the first quarter of 2020 and we believe this shift toward electronic payments in the enterprise will only continue, as our world is adapting to a new work environment all together amid COVID-19.”
Currently, Finexio’s customers spend $2.3 billion annually across 35,000 suppliers. Of that total customer accounts payable spend, $1.5 billion is enrolled to be paid electronically through Finexio.