ConnexPay
ConnexPay helps intermediaries process payments and issue virtual cards on a single platform.
ConnexPay is a unified payment platform that combines merchant processing and virtual card issuance on a single contract with one API, eliminating the traditional 24-48 hour settlement delay. It serves intermediaries—companies like travel platforms and marketplaces that sit between consumers and service providers—enabling instant access to authorized funds for supplier payments. The platform reduces operational costs by 50%, automates reconciliation, and includes AI-powered fraud detection through Kount integration.
Problem solved
Intermediaries face a cash flow gap of 24-48 hours between receiving customer payments and accessing funds, forcing them to delay supplier payments and damaging vendor relationships.
Target customer
Intermediary service providers and marketplaces (travel, e-commerce, automotive, gig economy) that process customer payments and need to pay suppliers instantly with better cash flow control.
Founders
R
Robert Kaufman
Founder & Chairman
Former CEO (2017-2024), 18 years at U.S. Bank as CFO of Payments Services and GM of Virtual Pay division; bachelor's in accounting from University of Minnesota, MBA from University of Chicago GSB; CPA and CMA.
K
Keith Stone
Co-founder
Limited public information available.
Funding history
Seed
Unknown
July 23, 2018
Led by Unknown
· BIP Ventures, Tamiami Angel Funds
Series A
Unknown
December 1, 2020
Led by F-Prime Capital
· Unknown
Series B
Unknown
December 9, 2021
Led by Marqeta
· Unknown
Series C
$110M
October 25, 2022
Led by FTV Capital
· Buckhead Investment Partners
Total raised:
$145M
Industries
Pricing
Not publicly available. Custom pricing based on transaction volume and client needs. Revenue model: transaction fees on acquiring side, interchange revenue split on card issuance side.
Notable customers
StoneEagle (automotive F&I), ~118 total customers across six continents; specific customer names not disclosed publicly.
Integrations
Kount (fraud detection), Payouts Network (push-to-card payouts), UATP card program
Tech stack
jQuery Migrate (JavaScript libraries)
jQuery (JavaScript libraries)
core-js (JavaScript libraries)
MySQL (Databases)
HubSpot Chat (Live chat)
WordPress (Blogs)
ExactMetrics (Analytics)
Zoominfo (Analytics)
HubSpot Analytics (Analytics)
Matomo Analytics (Analytics)
Linkedin Insight Tag (Analytics)
Google Analytics (Analytics)
Nginx (Web servers)
PHP (Programming languages)
Microsoft 365 (Email)
HubSpot (Marketing automation)
Google Tag Manager (Tag managers)
Divi (Page builders)
Yoast SEO (SEO)
WordPress.com (PaaS)
HubSpot Cookie Policy Banner (Cookie compliance)
Google Remarketing Tag (Retargeting)
Jetpack (WordPress plugins)
Website
Competitors
Stripe
Larger competitor offering both services, but requires two platforms and separate contracts; ConnexPay differentiates through single contract, unified API, and faster implementation.
Wex
Established payments competitor with broader portfolio but less focused on the intermediary use case and real-time settlement.
Extend
Competitor in virtual card space but doesn't combine both merchant processing and card issuance on single platform.
Modulr
European fintech competitor; less focused on US intermediary market and instant settlement capabilities.
Paymerang
Payment automation focused but lacks integrated virtual card issuance capability.
Why this matters: ConnexPay addresses a real structural inefficiency in how intermediaries operate—the 24-48 hour settlement gap that forces working capital delays and vendor relationship friction. With $145M in funding and 118 customers across six continents, the company is validating a compelling thesis that unified payment platforms optimized for specific use cases can outcompete broader players like Stripe on speed and simplicity.
Best for: Marketplaces, travel platforms, automotive F&I providers, and gig economy platforms that need instant access to customer payment funds to pay suppliers without settlement delays.
Use cases
Travel Marketplace Instant Supplier Payment
A travel platform like Expedia processes a customer booking and receives authorization within seconds. With ConnexPay, they immediately issue a virtual card to pay the hotel supplier instead of waiting 24-48 hours, improving vendor relationships and reducing working capital requirements. The platform's AI fraud scanning protects against unauthorized transactions across the entire flow.
E-commerce Marketplace Reconciliation Automation
An Amazon-like marketplace processes hundreds of daily vendor payments and needs reconciliation across multiple payment methods. ConnexPay's unified platform automates reconciliation across customer-facing payment processing (credit cards, ACH, wallets) and supplier payouts (virtual cards), reducing operational overhead by 50% and eliminating manual accounting work.
Automotive F&I Integrated Payments
An automotive F&I provider like StoneEagle processes customer payments and needs to issue commissions to dealers and partners. ConnexPay's single platform with integrated virtual card issuance enables same-day settlement while maintaining full audit trails and reconciliation across all payment types.
Alternatives
Stripe
Broader payments ecosystem but requires separate integrations and contracts for card issuance; better if you need maximum flexibility across many payment types.
Wex
Larger enterprise player with broader solutions portfolio; better if you need comprehensive B2B payment infrastructure across multiple verticals.
Modulr
European-focused fintech with strong real-time payment capabilities; better if operating primarily in Europe or need advanced open banking features.
FAQ
What does ConnexPay do? +
ConnexPay is a unified payment platform that combines merchant payment processing (accepting customer payments via cards, ACH, mobile wallets) with virtual card issuance on a single contract and API. It eliminates the traditional 24-48 hour settlement delay, giving intermediaries instant access to authorized funds to pay suppliers while automating reconciliation across all payment types.
How much does ConnexPay cost? +
Pricing is not publicly available. ConnexPay uses custom pricing based on transaction volume and specific client needs. The company charges transaction fees on the acquiring side and captures a portion of interchange revenue on card issuance.
What are alternatives to ConnexPay? +
Top alternatives include Stripe (broader payments ecosystem but requires multiple integrations), Wex (larger enterprise player with extensive portfolio), Extend (virtual card focused but no merchant processing), Modulr (strong real-time payments, Europe-focused), and Paymerang (payment automation without integrated issuance).
Who uses ConnexPay? +
ConnexPay serves intermediaries—companies that sit between consumers and service providers—including travel platforms, e-commerce marketplaces, automotive F&I providers, and gig economy platforms. The company has ~118 customers across six continents, with notable partners including StoneEagle in automotive and clients across travel, e-commerce, and fintech sectors.
How does ConnexPay compare to Stripe? +
Both companies offer merchant processing and virtual card issuance. ConnexPay differentiates through a single contract and unified API (vs. Stripe's separate platforms), faster implementation, biweekly product updates, and specific optimization for the intermediary use case. Stripe is broader and more extensible, while ConnexPay is more purpose-built for instant settlement needs.
Tags
payments
virtual cards
merchant processing
instant settlement
cash flow
marketplaces
intermediaries
real-time payouts
payment processing