D.A. Davidson & Co. announced today that it has served as exclusive strategic and financial advisor to ConnexPay on its $20 million Series B funding from Marqeta, Inc. (NASDAQ: MQ).
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ConnexPay is the first and only unified payments platform that integrates merchant acquiring, anti-fraud solutions and virtual card issuing. ConnexPay’s technology simplifies workflow and eliminates the need for pre-funded accounts. This reduces supplier risk and the cost of accepting card payments. Their technology also safeguards consumer spend. Headquartered in Minneapolis, MN with offices in Bonita Springs, FL, and Atlanta, GA they employ 35 professionals.
ConnexPay plans to use this investment to build out its business with online marketplaces and other commerce intermediaries. These opportunities make up a significant portion of its current sales pipeline. As a result, the new round of funding will help expand the ConnexPay platform into Europe with increased hiring and technology development to support multiple currencies and languages.
ConnexPay was a member of The Park until 2019, when it out grew their space and moved to their new Alpharetta headquarters. They enjoyed the flexibility of expanding in the space to meet their needs resulting in continued growth. They also benefitted from connections made during their tenure at The Park.
