Finix is in the very lucrative market of payments. Just as Stripe and Plaid have reached gargantuan valuations from augmenting online businesses’ ability to handle payments and taking a fee as a result, Finix is doing the same for software businesses.
Traditionally software businesses could only become a payments facilitator if they invested in a three-year in-house build by dozens of engineers, with tens of millions of dollars of technical R&D and investment. Instead, Finix takes that down to a number of months by getting developer-friendly APIs.
Now, the company is looking to compete directly with Stripe. That means becoming a payments facilitator themselves, and allowing its clients to set up payments handling through the Finix platform (and all the back office requirements and compliance certifications).
It's no easy task going up against the payments giant. However, Finix’s leadership will hope that its developer-friendly, open-infrastructure approach will see it win a fair amount of market share as it aggressively seeks growth in the coming years, aided by $208 million in funding to date.
Steph
Company Specialist at Welcome to the Jungle