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Angel Investor (Individual)

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Investments

5

Portfolio Exits

3

About Joe Proto

Joe Proto is an New York based angel investor and the CEO of Transactis.

Joe Proto Headquarter Location

New York, New York,

United States

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Latest Joe Proto News

AP payments-as-service outfit Finexio raises $8 million

Aug 26, 2021

External | what does this mean? This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. AP payments-as-service outfit Finexio raises $8 million 1 hour ago Finexio, the Orlando-based AP Payments-as-a-Service company, today announced an oversubscribed $8 million growth round. The fintech company will use this institutional funding to accelerate growth in key industry verticals including higher education, hospitality, healthcare, and manufacturing, board new AP and procurement software distribution partners, and expand its leadership team. Finexio powers B2B payments infrastructure for three of the world's top 15 largest accounts payable and procurement software platforms with an install base of 150,000 potential end-user customers, $200 billion in annual AP spend, and over 3 million suppliers. Finexio is the B2B payments platform of choice for software companies globally looking to launch a turn-key payments offering to customers efficiently and with minimal capex. Since the onset of COVID, Finexio has increased B2B payments volume 500 percent and delivered revenue growth of 161 percent due to its unique white label payment offering provided to leading AP and procurement software companies seeking a payments product to differentiate their service, create new revenue streams, and obtain fintech revenue multiples by investors. Ernest Rolfson, Founder and CEO of Finexio said, "Finexio is the leading choice for AP and procurement software platforms seeking to introduce a robust and highly differentiated B2B payments-as-a-service offering to their thousands of end-user customers. Finexio's white label offering delivers virtual card adoption and revenue rates that exceed industry averages. Our unique value proposition and white glove service culture makes Finexio highly attractive to channel partners and end-user customers alike." Patriot Financial Partners, a Radnor, PA based financial services PE fund, led the financing after tracking the company's impressive growth and business performance. Banc of California (NYSE: BANC) also invested in Finexio to expand its portfolio of product offerings for its business clients and help Finexio build out payment and related loan and deposit services. Kirk Wycoff, Managing Partner of Patriot Financial Partners said, "Finexio presents a unique value proposition to businesses by modernizing and improving the efficiency of their accounts payable payment processes. COVID has accelerated the need to transform payables from manual to digital and Finexio has been successful in enabling businesses to move away from their archaic processes by leveraging Finexio's modern B2B payment technology platform." In addition to Patriot Financial Partners and Banc of California, other investors in the round include Joe Proto, Vince Passione, Ronnie Selinger, Shai Stern, Geoff Judge, Phase 2 Partners, Advection Investors, XN Ventures, Mark Abramowitz, Anil Aggarwal, Ernie Pomerantz, David Truetzel, David Fogel, EOM Investments, and several leading private equity executives. As part of the transaction, Joe Proto, former Founder and CEO of Transactis (now a part of Mastercard), has become Chairman of Finexio's Board of Directors. Proto will work with Rolfson to guide the strategic direction of the company as it scales to serve as the leading AP B2B payments platform for software companies and financial institution customers. Dolores Lare, Partner at Patriot Financial Partners has also joined the Finexio board as an observer and strategic partner. "Businesses expect the same advantages from technology automation that consumers enjoy. Covid has been a super catalyst for B2B digital transformation. Finexio's growth is a testimony to the automated accounts payable strengths that we bring to our partners and customers. I am very honored to be part of the Finexio team," said Proto. Related Companies

Joe Proto Investments

5 Investments

Joe Proto has made 5 investments. Their latest investment was in Finexio as part of their Series B - II on August 8, 2021.

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Joe Proto Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

8/26/2021

Series B - II

Finexio

$8M

No

Advection Growth Capital, Anil Aggarwal, Banc of California, David Fogel, David Truetzel, EOM Investments, Ernie Pomerantz, Geoff Judge, Mark Abramowitz, Patriot Financial Partners, Phase 2 Partners, Ronnie Selinger, Shai Stern, Undisclosed Angel Investors, Vince Passione, and XN Ventures

4

10/14/2020

Series B

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$99M

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10

3/10/2010

Series C - II

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$99M

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10

9/23/2009

Angel

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$99M

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10

9/17/2009

Seed

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$99M

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10

Date

8/26/2021

10/14/2020

3/10/2010

9/23/2009

9/17/2009

Round

Series B - II

Series B

Series C - II

Angel

Seed

Company

Finexio

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Amount

$8M

$99M

$99M

$99M

$99M

New?

No

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Co-Investors

Advection Growth Capital, Anil Aggarwal, Banc of California, David Fogel, David Truetzel, EOM Investments, Ernie Pomerantz, Geoff Judge, Mark Abramowitz, Patriot Financial Partners, Phase 2 Partners, Ronnie Selinger, Shai Stern, Undisclosed Angel Investors, Vince Passione, and XN Ventures

Sources

4

10

10

10

10

Joe Proto Portfolio Exits

3 Portfolio Exits

Joe Proto has 3 portfolio exits. Their latest portfolio exit was Transactis on May 03, 2019.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

5/3/2019

Acquired

5

00/00/0000

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10

00/00/0000

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$991

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10

Date

5/3/2019

00/00/0000

00/00/0000

Exit

Acquired

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Companies

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Valuation

$991

Acquirer

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Sources

5

10

10

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