Fintech Finix just became a payments processor as the startup looks to compete with industry giants like Fiserv and FIS
Payments processors are one layer among many in a typical digital transaction.Fintech Finix is cutting out another layer of middlemen in payments.
Those involved in the process typically include: a payment facilitator like Stripe or Square; a processor and acquirer's bank like First Data and Wells Fargo; card networks like Mastercard or Visa; a processor like Fiserv or FIS; and the issuer's bank. The startup has raised $133 million to date. It raised $30 in its Series B extension round in August 2022. Serna declined to share Finix's current valuation., and 80% of the market is controlled by four legacy processors: Fiserv's First Data, JPMorgan Chase's Chase Paymentech, FIS's Worldpay, and Global Payments and Total System Services ., so they're"just a conglomerate of a bunch of technologies that don't scale together quite well," Serna said.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Poster offering reward for Abraham Lincoln's killer sold for $166,000A rare poster offering a reward for Abraham Lincoln's murderer John Wilkes Booth, and his accomplices, was sold for $166,000
Read more »
Millennials and Gen Z can blame their loneliness on the housing crisisInsider tells the global tech, finance, markets, media, healthcare, and strategy stories you want to know.
Read more »
We convert buses and vans into homes so families can travel as we didOur family loved living out of a converted van and bus so much that we started a business so others can share in the joys of vanlife
Read more »
19 Juicy Insider Secrets About Famous Movies From The '00sNew millennium...same totally wild and weird Hollywood.
Read more »
Shark Tank's Barbara Corcoran prefers to fly coach over first class'Shark Tank' star Barbara Corcoran refuses to fly first class — here are 5 items she packs to feel luxurious in economy
Read more »
AI startup founders share the top 3 lessons learned from Y CombinatorAI startup founders from Y Combinator's latest class reveal the top 3 things they learned from the accelerator
Read more »