APEXX Raises $4M in Initial Seed Round
LONDON – 29 November 2017: APEXX, the first single marketplace for global payments, today announces it has closed an initial seed funding round and been awarded a grant by Innovate UK, activity totalling $4M (£3.2M).
The round was led by Forward Partners, a top London-based VC which specialises in applied artificial intelligence (AI) and have previously invested in EmpowerRD, Ably and Epic. The round was also supported by MMC Ventures and Alliance Venture, based in Oslo, Norway.
The global APEXX network is made up of payment service providers and banks which helps merchants to reduce the cost of cross border payment acceptance, increase sales with optimised payment transaction routing and manage multiple provider relationships through a single integration point. Using the cloud-based platform, merchants can compare costs and get expert advice on the payment providers that will best suit them. It can save merchants upwards of 15% on the cost of processing credit or debit card payments and alternative payments.
In July, Valerie Soranno Keating, ex- CEO of Barclaycard, joined APEXX’s board as Non-Executive Director. Since forming in April 2017, the Fintech platform has seen exciting growth and also received industry recognition in November, when they won Most Disruptive Payments Technology in the 2017 Payments Awards.
APEXX will use the investment to further extend their global network of acquirers, payment providers and merchants, and fund product development.
Matthew Bradley, investor at Forward Partners comments “APEXX presents a phenomenal opportunity. Its unique acquirer-agnostic platform and algorithmic payment routing rebalances existing payment relationships in favour of the customer. It’s a bold mission and I’ve never seen a company at this stage be so far entrenched in multiple global enterprises. The business fits squarely within Forward Partners’ Applied AI investment thesis and we’re excited to be investing alongside MMC and Alliance Ventures.”
Dan Bailey, investor at MMC Ventures said “Large merchants have for too long been stuck with a choice between convenience at the expense of opaque pricing and hidden fees, or complex networks of different acquirers. APEXX’s platform handles both the complexities of multiple acquirers and routing optimisation through one single integration. Peter, Rodney and Rob impressed us with their deep understanding of the payments stack and their vision to create a step change in both simplicity and efficiency for merchants. We’re excited to be partnering with Forward Partners and Alliance Venture to help APEXX achieve that vision.”
Peter Keenan, Co Founder and CEO at APEXX said “We’re thrilled to see APEXX moving from strength to strength. We’ve already launched the first single marketplace for global payments in the world, we have an experienced leadership team steering the company and a strong vision bringing transparency, efficiency and competition to the payments market. Investment from these leading VC’s will bring the expertise and funding needed to help us accelerate the growth of the business.”
APEXX’s founders have deep expertise in the payments market. Peter Keenan, formerly of ZAPP, HSBC and Currys, Rodney Bain of EVO payments, Bank of Ireland and Deutsche Bank, and Rob Atkin, founder and CEO of at XCORDIS Fintech development agency, as well as Societe General and NatWest.
About APEXX (www.apexxfintech.com)
APEXX was founded by acquiring and payment-technology experts with a mission to simplify global commerce through technology. APEXX is agnostic to which members of the payments industry we work with, so our customers can benefit from the full capabilities of all their services collectively. We do not compete with our own suppliers.
The APEXX team aspires to always be on the leading edge of new payment technologies and products, so that our merchant partners are always able to accept the ways their customers want to spend. With an incomparable network of contacts in the payment space internationally, APEXX enables customers to expand with both the ease and comfort of experienced consulting.
APEXX has already won the support of a host of high profile international partners including Alipay, iZettle, NTT DATA, Visa iPay88, Payvision, Credorax, SIX payment services, Paysafe Group, Processing.Com, Transact Europe, CardStream and JetPay.
About Forward Partners (https://forwardpartners.com)
The leading UK Pre-Seed and Seed Stage investor, Forward Partners provides a game changing combination of capital and operational expertise to supercharge startups. Forward Partners is committed to championing the most innovative online entrepreneurs and their businesses, helping them to execute with the skill and pace required to succeed.
About MMC Ventures (https://www.mmcventures.com)
Founded in 2000, MMC Ventures is a London-based venture capital firm that has invested in more than 50 high-growth technology companies. MMC focuses on enterprise software and consumer internet investments at the seed and series A stage. The firm currently has over £200 million under management and is investing c. £25 million annually. MMC’s existing portfolio includes; Bloom & Wild, Echo, Elder, Gousto, Interactive Investor, Masabi, NewVoiceMedia, Peak, Signal Media, SafeGuard, Sky-Futures, Small World FS and Tyres on the Drive.
About Alliance Venture (https://allianceventure.com)
Alliance Venture is a Norwegian venture capital firm investing in early stage technology companies at the seed and series A stage. Alliance Venture was founded in 2001 and currently has €100 million under management. Our ambition is to work with excellent teams in tech companies and contribute to their international expansion. Alliance Venture is supported by an Executive Investor Network, consisting of more than 25 experienced individuals with a passion for start-ups. Alliance Venture’s existing portfolio companies include among others Xeneta, Swarm64, Kolonial, Fusetools, Arundo, Megacool, Northern.tech, Novelda and Polight.