PaaS leader brings BNPL expertise to U.S. market

In 2015, three experienced payments industry veterans formed APEXX Global, a processor-agnostic, one-stop shop designed to address all merchant service requirements. Co-founders Rodney Bain, CSO; Peter Keenan, CEO; and Toreson Lloyd, CCO, wanted to create an alternative to legacy systems, opaque pricing and substandard service. Their vision took shape in 2016 as the team began to develop its payment gateway and payments-as-a-service (PaaS) platform and establish partnerships and integrations with acquirers and service providers around the world.

James Olver, global head of sales at APEXX, described APEXX as a holistic, economic platform that facilitates face-to-face transactions as well as ecommerce and integrates to ancillary services to further streamline merchant services. These additional services include EPOS systems, VAT calculation tools, AML management services, banking services, foreign exchange platforms, and fraud and chargeback management tools, he stated.

APEXX acts as a PaaS platform combining all the world's acquirers, gateways, shopping carts, and alternative payment methods into a single integration, Olver added. APEXX consults its enterprise level customers to consolidate their global payment service provider relationships, and display all their reporting and transactional data in a single interface.

A most disruptive time

In 2017 APEXX entered the market, scooping up payments innovation awards, including its first Most Disruptive Payment Technology award in the Payments Awards held in the UK. Expansion continued over the next few years as the company added partners, increased its base and became the first UK-based gateway to support the Russian MIR card scheme. These innovations and the launch of the company’s Surcharge Inspector solution, led to APEXX reprising its Most Disruptive Payment Solution honor in 2018.

APEXX noted that it completed a $10 million Series A funding round in 2020, shortly before the COVID-19 outbreak and continued to develop groundbreaking products despite pandemic-related challenges. The company credited strategic partners PayPal and the PayPal Commerce Platform and processing partners ASOS, Avon and other Tier 1 merchants, for helping to scale its payments orchestration platform.

U.S. market launch

In January 2022, APEXX Global disclosed plans to help new and existing payment services providers meet growing demand for buy now, pay later (BNPL) solutions with advanced technologies and seamless integrations. The company’s global payment orchestration platform includes an integrated BNPL solution with more than 14 BNPL providers, which will enable participating merchants, ISOs and PSPs to access multiple BNPL providers across more than 40 markets through a single consolidated API, noted APEXX co-founder and CSO, Rodney Bain.

Bain observed that payment service providers want to deliver relevant and timely solutions to their customers and frequently struggle with the speed of change, particularly in the BNPL space. “At APEXX Global, we’re confident in our ability to aid the U.S.’s fragmented and rapidly growing demand for cutting-edge payments solutions through our single-stop platform of leading payments providers,” he stated.

Enhancing BNPL

Bain further noted that the global B2C ecommerce market is set to reach $6.54 trillion by 2023, and online shopping is one of the most popular online activities in the nation. A poor checkout experience puts ecommerce businesses at risk of losing billions in potential revenue, he stated, adding that APEXX’s unique API and orchestration platform is a timely alternative to outdated, cumbersome legacy systems and processes. In the face of growing U.S. adoption of BNPL, Bain affirmed that APEXX Global is well-equipped to handle the coming wave.

APEXX takes an agnostic approach to partnerships, Bain noted, and works with many different solutions providers across the payments industry. The company's approach creates a more efficient and cost-effective solution that cuts through the complexity of e-payments and leaves behind legacy technology systems, he said, adding that its mission is to help businesses grow by reducing unnecessary costs, increasing conversion rates and simplifying the global payment ecosystem.

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