Embedded payments platform Infinicept raises $23m to boost growth

US-based fintech Infinicept has secured $23 million in a growth equity round led by SVB Financial Group and Piper Sandler Merchant Banking.

Infinicept raises $23m

Existing investors including MissionOG also participated in the round.

Since the company’s previous funding round in 2020, it claims to have seen an increase of “over 1,400%” in annual payments volume with an expanding customer base.

The firm says the new cash will be used to fuel product innovation and expand into different markets. It also aims to enhance its embedded finance platform to drive financial inclusion for small and medium-sized enterprises (SMEs).

Infinicept is a payment operations and SaaS platform that enables payments companies, software companies and financial institutions to scale their payments operations and have “total ownership” of their payments strategy.

It serves over 300 software companies either directly or through its banking and payments customers.