← Embedded Finance Index 2026

Connexpay

“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?”

Founded2017
HQAtlanta, GA, USA
Total raised$145M
Latest roundGrowth, 2022
IndustryInfrastructure / Payments
The story

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.

Last 12 months
2022-03
2022-03
Product timeline
2017
ConnexPay founded in Atlanta, initially targeting travel agencies and tour operators with a unified payment acceptance + virtual card issuance platform.· pivot
2020
Expanded beyond travel into online retail and delivery services, broadening the addressable market for connected B2B payments.· pivot
2022
Raised $110M growth round led by FTV Capital to fund European expansion; announced GBP and EUR real-time B2B payments launch.· banking
2022
Launched card issuance in UK and Europe via Monavate Limited under Mastercard license.· card
2024
Introduced Integrated Credit facility allowing clients to issue virtual cards against a line of credit funded at SOFR plus a spread, eliminating need for pre-funded cash balances.· lending
Regulated entities
3
regulatory licences held by Connexpay
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
7 layers disclosed in Connexpay’s embedded-finance stack
Payments / PSP
ConnexPay Payments (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Card issuing
in the full report
Lending
in the full report
Sponsor bank
in the full report
FX & payouts
in the full report
Accounting gap: significant
6 more providers across 6 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.