Fresh off a $23-million round of new funding, Infinicept, a Denver-based firm that specializes in embedded payments, intends to use the money to add scalability and functionality to its payments platform, expand into international markets, and add tools and processes for clients.
As a result, Infinicept says, clients will have more control over the payments process.
The latest round of growth-equity funding, announced Wednesday, was led by SVB Financial Group, parent of Silicon Valley Bank, and Piper Sandler Merchant Banking.
“Our aim is to connect best-in-class financial products to our clients,” says Infinicept co-chief executive and co-founder Todd Ablowitz. “We are building a marketplace that enables software companies to plot their future and own the payment experience if they want to.”
As part of its plans to improve its platform, Ablowitz says Infinicept plans to hire more software engineers, as well as a chief technology officer to oversee expanding the platform’s scalability. Infinicept’s PayOps software-as-a-service platform is aimed at allowing payments companies, software providers, and financial institutions to expand their payments operations in concert with their overall strategy.
“We are scaling rapidly now, but by investing [more] in scalability, we are building out the core functionality of the platform,” says Ablowitz.
While Ablowitz did not specify the countries to which the company plans to expand, he did say that English-speaking markets would be a likely first choice.
Ablowitz adds the company plans further investment in an application that allows banks to oversee the payment companies they partner with. In addition, the company recently hired a vice president of customer success.
“We plan to invest in people and the processes customers need to succeed,” Ablowitz says. “We serve banks [and] software and payment companies, and our mission is to enable them to take back the customer experience.”
Since its previous round of funding in 2020, Infinicept has experienced rapid growth, with more than a 1,400% increase in annual payments volume, according to the company. The company’s expanding customer base includes Fullsteam, a SaaS platform acquirer and payments company; Payroc, a high-growth merchant acquirer, processor, and payment facilitation company; and Squire, a booking and payments platform that connects people with barbershops.