Payments infrastructure company Finix, which works to help vertical software-as-a-service (Saas) companies, has surpassed $100 million in total funding, according to a press release, and will be putting 10 percent of its most recent funding round toward Black and Latinx investors.
In addition, to match its financial growth, the company has hired three new senior executives for its Chief Technology Officer, Chief Operations Officer, and Senior VP of Revenue roles.
During its Series B round, Finix put out a special purpose vehicle (SPV) to bring over 80 traditionally marginalized investors to its cap table, intending to set a standard for how companies can help to close the racial wealth gap and boost inclusivity.
The release says “a community has grown” between those investors and has fostered a “recruiting and partnership advantage.”
Tiffani Ashley Bell, founder and executive director at The Human Utility and an SPV investor, said the SPV “provides tremendous value. It allows talented, knowledgeable investors and operators from diverse backgrounds — especially Black and Latinx people — who have traditionally been excluded from investing early in rocketship startups to be able to do so.”
The new senior executives include COO Fiona Taylor, who has worked as an Officer in the Royal Australian Air Force and another decade in the U.K. managing investment services and credit ratings through Europe, CTO Ramana Satyavarapu, a founding member of Microsoft Office 365 and head of engineering for Google Play Search, and Adam Boushie, SVP of Revenue, who has spent decades helping build global technology companies, including working as Chief Revenue Office for Gloo and being an early employee with Google Cloud.
Last year Finix extended its funding to $75 million in Series B funding, which the company said it intended to utilize toward its goal of turning software companies into payments ones. The company has seen a strong upswing in use with the pandemic’s eCommerce shift, and many companies use it to help plan and manage payments infrastructures.