Finix, a 30-person San Francisco startup, makes white label software to let companies become their own payment processors. It raised $18 million from Bain Capital, Visa and other investors and is already powering billions in transactions.
how debit card transactions are processed, Finix lets companies own and control their payment processing.
Today, merchants have many options for payment processors, ranging from going directly to traditional payments behemoths like Worldpay and Fiserv to using a service like Square, PayPal and Stripe. Traditional processors let you recoup a small portion of the rich “” revenue that Visa and Mastercard collect when they charge merchants 1.5% to 2.5% for each card swipe.
Finix targets customers that process at least $50 million in annual transactions, a point when it might start to make economic sense to move away from Stripe, Square or PayPal. The fintech giants charge merchants from 2.75% to 2.9% of each transaction, plus other fees. Finix makes money through a monthly licensing fee and other surcharges, like an onboarding fee.
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