Bob Kaufman founded ConnexPay in 2017 after serving as senior vice president, and later, CFO of payments services at U.S. Bank, where he led innovation across the payments division. During his nearly 20-year tenure with the bank, he saw companies struggle to access cost-effective payment services in an industry that was mostly unable to adapt to their needs. "I wanted to disrupt the status quo by combining acquiring and issuing in one platform to not only solve those pain points, but also generate vast cost savings for companies, while minimizing risks," he said.
Kaufman noted that to fulfill company objectives of measurable ROI, real-time payments and proactive needs assessment, ConnexPay:
Kaufman appointed Anant Patel as ConnexPay's president of international markets in January 2022, noting his experience spans the entire payments ecosystem. Patel was instrumental in leading fintech and corporate payment businesses internationally and has deep industry experience that complements ConnexPay's leadership team, Kaufman added. "Overall, we have over 70 employees and counting across the globe, doubling in 2022 alone," Kaufman said, pointing out that employee referrals account for 95 percent of new hires. The company has grown 500 percent in the past year, he added, doubling its customer base and processing an average of $35 million in daily transaction value with a $10 billion annual run rate. ConnexPay integrates payments acceptance and issuance inside a single platform; other providers offer both services but in separate, fragmented systems, Kaufman said. By contrast, he added, ConnexPay seamlessly connects accepting and making payments, improving cash flow.
Strategic investments have helped ConnexPay evolve from its initial goal of transforming travel industry payments to offerings that work for any company in any sector, Kaufman stated. In addition to combining issuing and acceptance, the company described additional offerings as follows:
Kaufman believes that combining both sides of payment processing inside a single platform can help ISOs and merchant level salespeople (MLSs) "get a foot in the door" when talking to clients. "We are extremely focused on working effectively with ISOs and MLSs," he said. "Having had decades of experience in this industry, we're acutely aware that your reputation is going to be what makes or breaks your company, so we're always working to build that reputation by leaving our clients with a good impression."
Looking ahead, Kaufman said investments of $145 million from FTV Capital and several other investors will fuel ConnexPay's worldwide expansion. As the company continues to focus on travel companies and ecommerce intermediaries in the United States, this new infusion of capital is expected to enable the company to launch its payments technology in Europe and beyond. This, Kaufman noted, will mean opening thousands more potential clients globally and further enhancing ConnexPay's payments platform heading into 2023.
"As we stand today, ConnexPay serves over 100 clients across various industries with best-in-class customer retention," Kaufman said. "We're heavily invested in the health and success of our customers, and as we continue to improve our platform, our customers improve monetization of their businesses. We're looking forward to pushing the envelope further."
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Company Profile originally appeared in
The Green Sheet Issue 230101
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211102 - Kalamata Capital Group
210701 - Choice Merchant Solutions
200601 - Delta Payment Solutions
190802 - Credit.net, a division of Infogroup
190702 - Samsung Electronics America Inc.
181201 - Network Merchants LLC
180902 - MainStream Merchant Services Inc.
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170802 - Apogee Payment Systems LLC
170702 - Active Software & Hardware Systems
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170501 - Platinum Choice Bancard LLC
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161101 - Residual Sheriff LLC.
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150302 - Signature Card Services
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140501 - BPC Banking Technologies
140301 - Meritus Payment Solutions
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131202 - First American Payment Systems L.P.
131102 - Evo Payments International LLC
131001 - Live Reps Call Center
130901 - Regal Payment Systems LLC
130901 - The Merchant Solutions
130802 - North American Bancard LLC
130801 - Payment Logistics LLC
130702 - Plug n Pay Technologies Inc.
130601 - U.S. Merchant Systems LLC
130402 - National Processing Co.
130202 - Charge Card Systems Inc.
130202 - Layered Technologies Inc.
130102 - Glazer_Kennedy Insiders Circle LLC
121202 - American Microloan LLC
121102 - Keep in Touch Systems Inc.
121102 - Merchants Choice Payment Solutions
121002 - Washington Bancard Merchant Services LLC
120902 - Central Payment Co. LLC
120802 - Royal Merchant Holdings LLC
120801 - National Benefit Programs LLC
120602 - Cardinal Commerce Corp.
120601 - Veritrans Merchant Services LLC
120502 - ExecuTech Lease Group
120502 - The Small Business Authority
120402 - Chargeback Guardian Inc.
120401 - Electronic Payment Exchange
120301 - Complete Merchant Solutions LLC
120201 - CSR - Compliance Solutions and Resources
120102 - Alpha Card Services Inc.
111002 - Lead Source Call Center
111001 - First Annapolis Consulting Inc.
110902 - Point of Sale System Services Inc.
110901 - Sage Payment Solutions
110801 - Century Payments Inc.
110702 - Creative Vision Studio LLC
110702 - Network Merchants Inc.
110701 - Capital Access Network Inc.
110602 - eProcessing Network LLC
110602 - Moneris Solutions Inc.
110502 - Paragon Application Systems Inc.
110401 - Merchant Implementation Services
110301 - FrontStream Payments Inc.
101202 - CheckAlt Payment Solutions
101102 - Impact Payments Recruiting
101101 - Global Electronic Technology Inc.
101002 - TriSource Solutions LLC
100802 - Federated Payment Systems LLC
100801 - Voltage Security Inc.
100601 - NETSURION (formerly Vendor Safe Technologies)
100502 - Transaction Network Services Inc.
100402 - Secure Payment Systems Inc.
100401 - Elite Merchant Solutions
100302 - Retail Decisions Inc.
100102 - Payment Alliance International
091201 - Performance Training Systems Bankcard Boot Camp
091101 - Merchant e-Solutions Inc.
091002 - Whitehall Capital Advisors LLC
090901 - CoCard Marketing Group LLC
090801 - First National Merchant Solutions
090701 - checXchange Money Transfer Systems Inc.
090601 - Sterling Payment Technologies
090502 - Infinity Payment Systems
090501 - Merchant Cash and Capital
090401 - UseMyBank Services Inc.
090401 - Data Delivery Services Inc.
090302 - Velocity Merchant Services
090302 - Metro Merchant Services
090301 - Smart Transaction Systems Inc.
090301 - DCC Merchant Services USA LLC
090202 - TransFirst Holdings Inc.
090201 - ACH Payment Solutions
081202 - Affirmative Technologies Inc.
081201 - On-line Strategies Inc.
081101 - Vision Payment Solutions LLC
081002 - Veratad Technologies LLC
081001 - International Merchant Solutions LLC
080801 - GreenSoft Solutions Inc.
080702 - Smart Circle International
080601 - International Bancard Corp.
080502 - DRG Telemarketing Inc.
080501 - BCC Merchant Solutions
080402 - U.S. Merchant Systems
080401 - Greystone Business Resources Corp.
080302 - Transmedia Payment Services Ltd.
080102 - Sonoma Technical Support Services
071202 - Barclay Square Leasing Inc.
071102 - FirstView Financial LLC
071001 - Sage Payment Solutions
070902 - YourTownMall Business
070901 - Nxgen Payment Services
070802 - All card Processing-AAMonte-USA
070801 - Money Movers of America Inc.
070602 - Central Point Resources Inc.
070601 - Positive Feedback Software LLC
070502 - Premier Payment Systems
070501 - Amacai Information Corp.
070402 - National Bankcard Systems