FlexPoint, a FinTech company specialising in payments automation for managed service providers (MSPs) and their small to mid-sized business clients, has raised $12m in a Series A funding round.
The investment was led by Foundry Group, with participation from Haymaker Ventures, Garuda Ventures, Techstars, Far Out Ventures, and Cascade Seed Fund. This latest round brings FlexPoint’s total funding to $19.5m since its launch in March 2023.
FlexPoint provides a payments platform that enables MSPs—who deliver essential technology services to SMBs—to automate and streamline their financial transactions.
The newly secured capital will be used to accelerate product development and support the growth of FlexPoint’s partner programme. The company plans to deepen its footprint in the $2tn global SMB technology market, where MSPs play a pivotal role, facilitating roughly 80% of spending.
FlexPoint has reported impressive growth, with revenues rising nearly fourfold year-on-year. The platform is now trusted by over 40,000 businesses to manage their payments, demonstrating strong market adoption within a relatively short span.
FlexPoint CEO and co-founder Victor Lopez said, “The MSP market is the gateway to the $2 trillion global SMB technology market. 80% of all SMB technology spend is delivered by partners. Our mission at FlexPoint is to build the B2B payments platform that powers SMB technology spend through our network of MSP partners.”
Foundry Group partner Jaclyn Freeman Hester said, “FlexPoint is bringing modern payments software to an underserved segment of the market through a unique partner led approach that creates a compelling distribution advantage.
We’re thrilled to partner with this team of relentlessly focused executors. Operating with deep customer orientation and user empathy, FlexPoint has quickly created the foundational customer love necessary to build a category-defining company.
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