We’re excited to share that we’ve invested in travel and e-commerce payments solution, ConnexPay, helping them to further innovate payments in the travel space. The $20 million series B funding will be used by ConnexPay to build out its business with online marketplaces and other commerce intermediaries, which make up a significant portion of its current sales pipeline. In addition, ConnexPay will expand its platform into Europe with increased hiring and technology development to support multiple currencies and languages.
ConnexPay has been a customer of Marqeta’s since 2018 and we’ve seen the strength of their platform and ability to withstand the demands of COVID-19 on the travel vertical. This investment marks our first corporate investment since going public in June 2021, taking ConnexPay’s total funding raised to date to $35 million. We’re thrilled to also have a seat on ConnexPay’s board.
Founded in 2017, ConnexPay was built for the travel vertical and after the seismic disruption of COVID-19 has built its transaction volumes back up above pre-pandemic levels, while also expanding its business into adjacent verticals (e-commerce, commerce intermediaries). With a tremendous amount of momentum, it currently has a high projected growth trajectory, forecasting 5x growth in revenue in 2022.
“ConnexPay was founded to transform the entire payments experience for the travel industry, but we quickly uncovered the value of the connected ecosystem, which offers controls that resulted in reduced risk, improved cash flow, lowered the cost of accepting cards and allowed for easier reconciliation had much broader application across many vertical markets,” said Robert Kaufman, Founder and CEO, ConnexPay. “We’ve worked with Marqeta as a customer since 2018 and we know the value and payments expertise they bring to the table, so we’re excited about this new investment and what we can accomplish with them in our corner.”
We see a lot of possibilities ahead for ConnexPay. Their ability to grow and expand their business to new verticals during COVID-19 is a testament to their team and technology and we’re excited to be their partners on this journey. View the full press release here.