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Payments infrastructure software Finix raises $35 million from Sequoia - Business Insider

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A startup aimed at disrupting payments and taking on Square and Plaid just raised a $35 million Series B led by Sequoia Capital

and point-of-sale startup Lightspeed to build out their own payments systems.

"And so when we think about our product, it was really about, how do you deconstruct the payment company and rebuild it within a software company?" Meanwhile, internal build-outs of payments systems aren't ideal either, Serna said, as they tend to be costly and time consuming. Even companies that handle a significant volume of transactions — Serna said they have a number of customers with transaction volumes in the billions of dollars — are choosing to replace their internally built payments system.

 

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