Investment in Fast-Growing FinTech Company Finexio Pays Off for Investors and Orlando

In the three years since fintech startup Finexio moved its headquarters to Orlando, the company has seen triple-digit revenue growth and closed on a significant $23 million capital investment. In 2017, the Orlando Economic Partnership (the Partnership) worked with Finexio to move from Silicon Valley to Orlando with 10 employees. Finexio has since grown to over 40 employees and continues to grow rapidly with a succession of new product announcements, including expansion into Supply Chain Finance solutions and international payment capabilities. The company has also successfully completed additional API development and ERP connection capabilities including the availability of its solution in the Microsoft AppSource Marketplace.

“The global crisis caused by the COVID-19 pandemic has put an unprecedented financial strain on companies of all sizes, making cashflow and the role of the Chief Financial Officer (CFO) more important than ever,” Finexio CEO Ernest Rolfson said. “During these trying times, Finexio has experienced extraordinary growth as company leaders look for help in streamlining their Accounts Payable (AP) payment processes to reduce costs.”

The company worked diligently to source capital needed to expand its Payments-as-a-Service platform, which it was able to raise with Medalist Partners and the participation from existing investors like Florida Funders. Florida-based investors contributed nearly 15 percent of the capital, with the rest coming from New York where most financial services investing tends to occur.

“This round of investment is empowering tighter integrations and automation for customers, end users and partners in a fully remote working world,” Rolfson said. “The new capital is helping payments due on invoices get delivered faster to small businesses that need it the most. Helping our customer’s suppliers stay open during tough times, while making and saving money for our customers, is very satisfying to the team at Finexio.”

In addition to Medalist Partners and Florida Funders, other investors in the round included Post Road Partners, Alpine Meridian Ventures, Stormbreaker Ventures, Joe Proto, Finexio senior management as well as several other leading fintech and payments-industry CEOs.

“We have and continue to see Orlando in a real transition—going from being known solely as the place where Disney and other facets of the hospitality industry reign supreme to a city with a diverse and growing tech sector—exacerbated by the comparatively devastating effects COVID-19 has had on the hospitality industry,” Rolfson said. “Finexio initially had to work hard to change the perceptions of investors who believed that Sillicon Valley was the only place for a tech startup like ourselves, but that view has improved based on our success here. Now we can enjoy lower costs of Orlando AND still find specialized talent wherever they are sitting globally, especially due to the mobile and remote work environment mandated by COVID-19.”

Finexio’s senior leadership makes it a point to turn internally first when looking to fill new leadership positions created by the company’s continued growth. Finexio has also invested heavily in both departmental and general career training via the online global learning marketplace Udemy, and the leadership team encourages employees to pursue additional education and training. The company sources many entry-level positions from its internship program and has sourced both interns and current employees from the University of Central Florida (UCF) and nearby Rollins College.

Why Orlando?

Rolfson spent 10 years in the payments processing industry as a strategy and business development executive focused on accounts payable and disbursement business models. Originally an Orlando native, he founded Finexio in Silicon Valley in 2015 but decided to move the company back to his hometown because he saw the growth of Orlando’s tech and investment sector over the years. He felt the ecosystem had reached a critical mass to support a growing fintech company like Finexio. The value Orlando offered, thanks to its workforce density and affordability, positions the company to grow both its physical and virtual footprint as it scales.

The Partnership’s support of Finexio’s relocation was one of the first occasions that the organization supported a growing startup’s relocation to the market. The company has since created 30 new jobs and raised a total of $27 million following its move from Silicon Valley in 2017. The Partnership hosted Finexio with local business leaders and connected the company with local resources to support its location decision. Finexio’s continued growth in the region underscores the importance of recruiting fast-growing tech companies to Orlando.

FAST FACTS

• Founded in 2015 in Silicon Valley, Finexio moved its headquarters to Orlando in 2017 and has since tripled its revenue.
• The company was recently awarded a $23 million institutional investment led by Medalist partners, with participation from existing investors including Florida Funders. The company has raised a total of $27 million in investment since moving to Orlando.
• The company is growing rapidly, with new announcements and expansions into Supply Chain Finance and international payments capabilities as well as additional API development and ERP integrations.

What Do They Do Here?

Finexio bases its inside sales, marketing, customer success, operations and data team members at its corporate headquarters in Orlando. Prior to the pandemic, the company’s Orlando-based employees worked in an approximately 3,000-square-foot space. While the pandemic has caused the company’s in-person offices to close, the company has enhanced its ability to support remote work and empowered its local and non-local teams to work even more effectively.

Where Does the Magic Happen?

Located just outside of Baldwin Park, Finexio’s offices benefit from the proximity to downtown and its growing innovation ecosystem. Baldwin Park, a former Navy base turned master planned community, is one of the City’s many walkable, Main Street-oriented neighborhoods. The neighborhood features retail and dining options, a lakeside dog park and miles of trails that surround Lake Baldwin. Baldwin Park attracts young families looking to put down roots close to the City’s urban core, making it an ideal location for a growing company.

“We have and continue to see Orlando in a real transition – going from being known solely as the place where Disney and other facets of the hospitality industry reign supreme to a city with a diverse and growing tech sector.”

Finexio CEO Ernest Rolfson