“Can a single patented platform that links incoming customer payments to outgoing virtual card supplier payments become the standard B2B payment infrastructure for global intermediary businesses?”
Founded in 2017 as a travel-payments specialist, ConnexPay patented the concept of 'connected payments' — linking incoming customer sales directly to outgoing supplier virtual card payments so intermediaries never hold idle float. The company expanded from travel to broader B2B verticals and in 2022 used a $110M FTV Capital raise to push into Europe (GBP/EUR). The platform has since added an Integrated Credit facility (line of credit tied to virtual card issuance), a closed-loop proprietary rail, and UATP airline acceptance, evolving from a niche travel-payment tool into a full-stack B2B payment infrastructure provider for marketplace intermediaries.
Connexpay discloses Central Trust Bank (in-house sponsor US) as its banking provider, with Central Trust Bank / MVB Bank (US), Digital Commerce Bank (Canada) and Monavate Limited (UK/EU) as its sponsor banks, according to the Embedded Finance Index 2026.
Connexpay does not disclose a bank charter of its own; its banking services are provided through Central Trust Bank / MVB Bank (US), Digital Commerce Bank (Canada) and Monavate Limited (UK/EU).
Connexpay processes payments through ConnexPay Payments (self-operated). Disclosed money-movement rails: ACH.
Connexpay's cards are issued through Monavate.
Connexpay uses ConnexPay (self-operated) for FX and cross-border payouts.
The Embedded Finance Index 2026 maps 7 layers in Connexpay's stack: Payments / PSP (ConnexPay Payments (self-operated)); Money movement (ACH); Banking / BaaS (Central Trust Bank (in-house sponsor US)); Card issuing (Monavate); Lending (ConnexPay Integrated Credit (line of credit for virtual card issuance)); Sponsor bank (Central Trust Bank / MVB Bank (US), Digital Commerce Bank (Canada) and Monavate Limited (UK/EU)); FX & payouts (ConnexPay (self-operated)).
Connexpay is founded in 2017 and headquartered in Atlanta, GA, USA.
Connexpay has raised $145M in total (latest round: Growth, 2022).
Get a read on where your own stack stands against Connexpay and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.