FlexPoint, which provides a payments automation platform to managed service providers (MSPs) and their clients, announced a $35 million round of funding.
This capital infusion will come in both debt and equity and will be used to support the financial solutions provider’s growth strategy, according to the company.
The financing round features a $5 million equity investment spearheaded by Haymaker Ventures, alongside contributions from previous investors such as Garuda Ventures, Far Out Ventures, and Cascade Seed Fund.
FlexPoint has also secured a $30 million credit facility from Tacora Capital, which is designated to enhance FlexPoint's working capital solutions.
Impact on MSP Operations
FlexPoint works with hundreds of MSPs and their clients, simplifying and automating payment processes.
Michael Leonard, president at Compunet Technologies, a FlexPoint partner, commented on the news:
“I remember when monthly billing took more than half a day. Now, my account admin just goes onto FlexPoint and approves the invoices. It takes her 15 minutes, and all of our billing is done for the month. The FlexPoint team are great people and true partners. They take their job of helping us to be successful, improve our productivity, and streamline our billing very seriously.”
Executive and Investor Comments
Victor Lopez, co-founder and CEO, FlexPoint, said:
“We are proud to announce a funding round that shows the innate promise of what FlexPoint can do for managed service providers and our commitment to building a business that serves the MSP community for years to come. These funds will allow us to continue to innovate and bring best in class solutions to our current and future MSP partners.”
Phin Upham, managing partner, Haymaker Ventures, added:
“FlexPoint’s ability to change how MSPs do business and provide them the greatest view of their internal cash flow make it a strategic product. We believe in what FlexPoint offers and the team deploying it.”
About FlexPoint
FlexPoint is a payments automation platform designed specifically for managed service providers and their business clients. The platform streamlines billing and payment processes, with an aim to reduce the time and effort required for monthly billing activities.
With this latest round of funding, FlexPoint is set to expand its offerings, according to the company.
