Transaction highlights the firm’s deep expertise across the financial technology ecosystem
D.A. Davidson & Co. announced today that it has served as exclusive strategic and financial advisor to ConnexPay on its $20 million Series B funding from Marqeta, Inc. (NASDAQ: MQ), a leading provider of card issuing and transaction processing services.
Headquartered in Minneapolis, Minn., with offices in Bonita Springs, Fla., and Atlanta, ConnexPay has transformed the payment and acceptance process in the travel and ecommerce industries by connecting incoming payments from customers directly with the outgoing payments to suppliers. With approximately 35 employees, ConnexPay’s technology simplifies workflow, eliminates the need for pre-funded accounts, reduces supplier risk, and decreases the cost of accepting card payments, all while safeguarding consumer spend.
“ConnexPay has built an exceptional platform,” said Aalap B. Merchant, managing director at D.A. Davidson. “Bob Kaufman and his team have created a platform that seamlessly integrates merchant acquiring, anti-fraud solutions, and virtual card issuing on a single, end-to-end platform, and now with the partnership from Marqeta, we look forward to the company’s continued growth and success.”
ConnexPay plans to use this investment to build out its business with online marketplaces and other commerce intermediaries, which make up a significant portion of its current sales pipeline. In addition, the new round of funding will be used to expand the ConnexPay platform into Europe with increased hiring and technology development to support multiple currencies and languages.
“D.A. Davidson was the right partner for us on this transaction,” said Kaufman, founder and CEO of ConnexPay. “They provided invaluable counsel as we evaluated our growth options, and their team’s undying dedication, deep industry expertise, and execution capabilities enabled us to achieve a successful outcome as we now focus on growing ConnexPay.”
This transaction highlights the ongoing success of D.A. Davidson’s technology investment banking practice. D.A. Davidson’s investment banking division is a leading full-service investment bank that offers comprehensive financial advisory and capital markets expertise. The group has extensive transaction experience serving middle market clients worldwide across four industry verticals: consumer, diversified industrials, financial institutions, and technology.
Together with its European strategic partner, MCF Corporate Finance, D.A. Davidson originates and executes transatlantic M&A transactions under the common brand of D.A. Davidson MCF International.
About D.A. Davidson Companies
D.A. Davidson Companies is an employee-owned financial services firm offering a range of financial services and advice to individuals, corporations, institutions and municipalities nationwide. Founded in 1935 with corporate headquarters in Great Falls, Montana, and regional headquarters in Denver, Los Angeles, New York, Omaha and Seattle, the company has approximately 1,475 employees and offices in 28 states.
Subsidiaries include: D.A. Davidson & Co., a full-service investment firm providing wealth management, investment banking, equity and fixed income capital markets services, and advice; Davidson Investment Advisors, a professional asset management firm; D.A. Davidson Trust Company, a trust and wealth management company; and Davidson Fixed Income Management, a registered investment adviser providing fixed income portfolio and advisory services.
For more information, visit dadavidson.com.