APEXX raises $4m seed funding to “boost transparency” in the payments industry
The fintech will use the fresh injection of capital to extend its global network of acquirers, payment providers and merchants, and fund product development
APEXX, a London-based fintech that consolidates global payment providers into a single integration point, has raised $4m (£2.3m) in seed funding.
Also awarded a grant by Innovate UK, the funding round was led by Forward Partners with support from MMC Ventures and Norway-based Alliance Venture.
Aiming to bring “much needed transparency, efficiency and competition” to the payments industry, APEXX’s global network of payment service providers and banks aims to help merchants reduce the cost of cross border payment acceptance, increase sales with optimised payment transaction routing, and manage multiple provider relationships through a single integration point.
Using its cloud-based platform, merchants can compare costs and get expert advice on the payment providers that will best suit them – a process APEXX claims will save them upwards of 15% on the cost of processing credit or debit card payments and alternative payments.
Founded by Peter Keenan, Rob Atkin and Rodney Bain, the trio have a wealth of experience within the financial services sector.
Kennan counts the likes of ZAPP, HSBC and Currys as ex-employers, Bain was previously at EVO payments, Bank of Ireland and Deutsche Bank, while Atkin is founder and CEO of Xcordis.
In July, Valerie Soranno Keating, ex-CEO of Barclaycard, joined APEXX’s board as non-executive director.
The fintech use the fresh injection of capital to extend its global network of acquirers, payment providers and merchants, and fund product development.
Matthew Bradley, investor at Forward Partners, said:
“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.”
Dan Bailey, investor at MMC Ventures, said:
“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.
“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.”
Peter Keenan, co-founder and CEO at APEXX, said:
“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 VC’s will bring the expertise and funding needed to help us accelerate the growth of the business.”