Finxera

Finxera is a financial technology company that developed a Banking as a Service (BaaS) platform, which is now a subsidiary of Priority Technology Holdings, Inc. (PRTH) following an acquisition completed in September 2021. The company was founded in 2008 by Sanj Goyle, who served as CEO, and Praveer Kumar, who was the CTO. After the acquisition, both founders assumed prominent roles within Priority.

Finxera's core offering is an API-driven platform enabling enterprises to integrate banking and payment services into their applications. This allows businesses to collect, store, and send money in a compliant manner. The platform's capabilities include account opening, sub-account ledgering, reconciliation, ACH transfers, wires, checks, and card issuance. The business model is designed to serve other businesses, such as fintech companies and SaaS platforms, that need to embed financial workflows and scalable payment solutions into their products. One of its specialized products was BancBox Crowd, an escrow API designed for the crowd-investing market.

The acquisition by Priority aimed to create a comprehensive platform for payments and virtual banking. The merger combined Priority's omni-channel payment infrastructure with Finxera's BaaS technology, creating a single source for merchant services, payment facilitation, card issuing, and automated payables. This strategic combination provides Priority with nationwide money transmitter licensing, allowing it to act as a licensed custodian of funds for consumers and enterprises. Finxera's technology now serves as the backbone for Priority's broader suite of financial services.

Keywords: Banking as a Service, BaaS, payment API, embedded finance, payment processing, fintech infrastructure, money movement, virtual banking, account ledgering, payment gateway, escrow API, API-driven payments, payment facilitation, card issuing, automated payables, merchant services, funds management, financial technology, compliance solutions, digital banking