APEXX, a marketplace for global payments, has closed a $4m (£3.2m) Seed.
APEXX, which received a grant from Innovate UK, allows firms to integrate all their required payment suppliers by presenting them in a single API.
This, the company says, enables customers to reduce the cost of cross-border payments, boost sales and manage multiple providers through a single integration point.
The news comes after Valerie Soranno Keating, ex- CEO of Barclaycard, joined APEXX’s board as non-executive director in July.
Peter Keenan, co-founder and CEO at APEXX, commented on the news: “We’re thrilled to see APEXX moving from strength to strength. We’ve already launched the first single marketplace for global payments in the world, we have an experienced leadership team steering the company and a strong vision bringing transparency, efficiency and competition to the payments market. Investment from these leading VCs will bring the expertise and funding needed to help us accelerate the growth of the business.”
The company will use the cash to extend its network of acquirers, payment providers and merchants. It will also look to continue funding its product development.
Matthew Bradley, an investor at Forward Partners, explained why he decided to back the company: “APEXX presents a phenomenal opportunity. Its unique acquirer-agnostic platform and algorithmic payment routing rebalances existing payment relationships in favour of the customer.
“It’s a bold mission and I’ve never seen a company at this stage be so far entrenched in multiple global enterprises. The business fits squarely within Forward Partners’ applied AI investment thesis and we’re excited to be investing alongside MMC and Alliance Ventures.”
“Large merchants have for too long been stuck with a choice between convenience at the expense of opaque pricing and hidden fees, or complex networks of different acquirers. APEXX’s platform handles both the complexities of multiple acquirers and routing optimisation through one single integration,” said Dan Bailey, an investor at MMC Ventures, adding: “Peter, Rodney and Rob impressed us with their deep understanding of the payments stack and their vision to create a step change in both simplicity and efficiency for merchants. We’re excited to be partnering with Forward Partners and Alliance Venture to help APEXX achieve that vision.”
APEXX was founded by Peter Keenan, formerly of ZAPP, HSBC and Currys; Rodney Bain of EVO payments, Bank of Ireland and Deutsche Bank; and Rob Atkin, founder and CEO of at XCORDIS FinTech development agency, as well as Societe General and NatWest.