US-based paytech ConnexPay has expanded its global footprint by enabling European companies to receive and send payments in GBP and EUR currencies. ConnexPay offers a comprehensive platform that anables merchants to promptly access customer payments and utilise them in real-time to fund virtual cards for supplier payments.

By eliminating the need to wait for payment clearance, which could take days to weeks and create cash flow challenges for the entire supply chain, ConnexPay ensures businesses can access funds immediately. Furthermore, ConnexPay's payment solution incorporates fraud prevention, chargeback management, and a robust reporting and analytics suite. All these features are consolidated within a single platform, simplifying the process with one contract, one reconciliation, and one team.

Enabling GBP and EUR transactions With the capability to transact in GBP and EUR, ConnexPay already serves numerous international customers. Enabling these businesses to conduct transactions in multiple currencies globally is crucial, and many other global companies are set to adopt ConnexPay's solution and go live this month. ConnexPay's officials highlight that their integrated approach to both card issuing and acceptance significantly enhances efficiency and reduces costs associated with incoming payments and cross-border transactions.

The company is delighted to have innovative customers who can issue transactions in multiple currencies, facilitating their growth and expanding their services to customers worldwide. Processing billions in volume, ConnexPay secured a USD 110 million growth equity investment led by FTV Capital, an experienced investor in payments and financial services. This investment has played a vital role in ConnexPay's global expansion, providing the necessary infrastructure to support rapid growth.

With a revenue increase of 500% since 2022, ConnexPay anticipates doubling its revenue in 2023. What does ConnexPay do? ConnexPay brings together the two sides of the payment process, payments acceptance and virtual payments issuing into a single platform with one contract and one reconciliation. The flexibility of this technology allows clients to adopt the full end-to-end acquiring and issuing solution or leverage ConnexPay’s innovative intelligent routing issuing-only platform.

Although ConnexPay started its journey with a focus on the travel and tourism space, ConnexPay’s solutions are applicable across a broad spectrum of corporate payment use cases. The platform is well suited for corporate disbursements like insurance and warranty claims, loyalty, and rewards payouts as well as corporate procurements like media/advertising buys and ticketing. The company’s technology eliminates the need for pre-funded accounts, reduces supplier risk, and the cost of accepting card payments while safeguarding consumer spend.

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