Venture capital firm MMC Ventures has invested in APEXX, a Fintech services provider, alongside Forward Partners and Alliance Venture.
The combined investment in the business from the three backers totals $4 million (£3.2 million).
APEXX was established in April 2017 by Peter Keenan, Rodney Bain and Rob Atkin. Its cloud-based platform enables businesses to compare the cost of using different payment providers and banks, and to get expert advice on which payment providers will best suit their needs. This can help them reduce the cost of making and receiving payments and make the process simpler and quicker.
APEXX claims to be able to save businesses at least 15% on the cost of processing credit or debit card payments and alternative payments.
It will use the investment to extend its global network of acquirers, payment providers and merchants, and to fund product development.
Valerie Soranno Keating, the former CEO of Barclaycard, joined APEXX’s board as non-executive director in July.
Dan Bailey, investor at MMC Ventures, said: “Large merchants have for too long been stuck with a choice between convenience at the expense of opaque pricing and hidden fees, or complex networks of different acquirers. APEXX’s platform handles both the complexities of multiple acquirers and routing optimisation through one single integration. Peter, Rodney and Rob impressed us with their deep understanding of the payments stack and their vision to create a step change in both simplicity and efficiency for merchants.”
Peter Keenan, co-founder and CEO at APEXX, added: “We’re thrilled to see APEXX moving from strength to strength. We’ve already launched the first single marketplace for global payments in the world, we have an experienced leadership team steering the company and a strong vision bringing transparency, efficiency and competition to the payments market. Investment from these leading VC’s will bring the expertise and funding needed to help us accelerate the growth of the business.”