ONPEX, a provider of B2B, cross-border, cloud-based financial services, has closed a seven-digit investment from fintech investors FinLab AG.
Along with several notable business angels, the investment was secured as a part of a series A financing round.
ONPEX plan to use the growth capital to expand and broaden its team, with locations already in Luxembourg, Germany, and Hong Kong, as well as market its existing product offering.
Founded in 2013, the company is a global cloud-based account and payment solution that combines SEPA and cross-border SWIFT transactions via a white label Banking-as-a-Service (BaaS) platform.
In the announcement, ONPEX stated that the total value of global cross-border B2B transactions is expected to reach approximately $218 trillion by 2022.
The platform was developed in consideration of this international and growing market; companies can develop and manage their own banking and payment solutions by using their API ultimately to help companies meet ever-increasing demands by sorting and automating their cash flows.
“With FinLab AG, we are pleased to have gained yet another strong investor who will support us with its network and know-how in the upcoming scaling phase,” says Christoph Tutsch, founder and CEO of ONPEX.
As a professional investment firm, FinLab focuses on new, disruptive business models in the fintech sector. To do so, the firm relies on an experienced team of investors alongside its shareholders, who bring a wealth of knowledge to the table, both in the financial services and technology sectors.
Stefan Schütze, Board Member at FinLab, explained the recent investment: “There is a clear gap in the product offering of traditional banks and other payment service providers.
“These providers often do not have API-based IBAN accounts and no capabilities to automate payments which are critical to the scalability and growth of companies with digital business models.
Schütze stated that ONPEX has recognised this gap and created a solution that will help companies improve their scalability “with remarkable benefits.”
He continued: “Besides supporting financial institutions, ONPEX also helps non-regulated companies, such as marketplaces and corporates, simplify the management of their funds and payments in environments where compliance requirements are increasing.
“In addition, ONPEX’ ability to manage multiple currencies within an account is particularly interesting for multinationals. We invest in intelligent platform-technologies; in this way, ONPEX is ideally suited for our investment.”
FX currency
ONPEX recently announced its new automated foreign exchange (FX) capability that will launch in March 2019.
The solution offers FX trading in up to 25 different currencies and will present ONPEX clients instant currency conversions when sending money across borders.
Speaking on the announcement, Tutsch said: “With this latest development to our IBAN solution, we are one step closer to ONPEX’ vision of becoming the leading platform for managing currencies, assets, and smart contracts in the digital economy.”
“Our main goal is to make the industry less fragmented and offer a solution that incorporates all banking and payment needs.”
