Finix
Also a provider — view Finix’s profile →“Can a payments infrastructure company built for vertical SaaS platforms become a full-stack payment processor that displaces Stripe for mid-market software businesses?”
Founded2015
HQSan Francisco, CA, USA
FoundersRichie Serna
Total raised$135M+
Latest roundMezzanine / $75M, October 2024
IndustryInfrastructure / Payments
The story
Founded in 2015 as a payments infrastructure provider helping vertical SaaS companies bring payment processing in-house rather than rely on costly third parties like Stripe. Originally positioned as 'the AWS of payment processing,' Finix served as the plumbing behind platforms' own payfac programs. In 2023 Finix crossed the Rubicon by becoming a direct payment processor itself, shifting from pure infrastructure into direct competition with Stripe. The 2024 $75M raise and Canadian expansion signal an aggressive land-grab for the SMB platform payments market.
Product timeline
2015
Founded by Richie Serna as a payments infrastructure-as-a-service company to help software platforms bring payment processing in-house.· pivot
2019
Raised Series A ($17.5M) positioning as the AWS of payment processing, targeting vertical SaaS companies like Toast and MINDBODY.· banking
2020
Raised Series B ($35M) led by Sequoia Capital to accelerate payments infrastructure buildout.· banking
2023
Officially became a direct payment processor (not just infrastructure), competing head-to-head with Stripe.· pivot
2024
Raised $75M growth round after quadrupling revenue YoY; launched Canada operations via Finix Canada, Inc. as registered ISO of Peoples Trust Company.· banking
Regulated entities
3
regulatory licences held by Finix
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Finix’s embedded-finance stack
Payments / PSP
Finix Payments (self-operated)
Banking / BaaS
in the full report
Lending
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: significant
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.