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PRESS RELEASE
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Finexio, The Smart B2B Payment Network, Completes $4M Series A Financing

Leading Venture Capitalist and Industry Executives Invest in Finexio’s Differentiated Approach to Modernizing Corporate B2B Payments

Orlando, FL, January 9, 2018 – Finexio, the smart b2b payment network that eliminates paper- based checks for accounts payable departments, has accelerated its go-to-market strategy by completing an oversubscribed $4 million Series A round of financing. James R. Heistand led the investment, with participation from existing and new investors Florida Funders, Loeb.nyc, Zach Coelius, Mobile Financial Partners (Harry Hopper), and additional angel investors. This investment brings the total funding since Finexio’s launch to $5 million, helping the company aggressively expand its sales and marketing efforts. In addition, seasoned payments industry executive Henry Dreifus will join Finexio’s Board of Directors. Steve MacDonald, Partner at Florida Funders and Founder and former Executive Chairman of myMatrixx, also joins the Finexio board as an observer.

Since launching in early 2017, Finexio has increased gross dollar transaction volume at an average of 78% month-over-month. Using closed-loop payment networks and straight through processing, Finexio eliminates the need for suppliers to manually key physical numbers into a terminal to receive funds. These capabilities provide Finexio with a significant competitive advantage over incumbent payment software vendors and legacy money center banks.

“Banks and payment vendors continue to use outdated paper solutions at alarming rates. Even emails, although electronic, still must be keyed in by Accounts Receivable departments, often leading to clerical errors that delay payments. Finexio is the only solution enabling CFOs to eliminate all checks and related costs from their back office,” said Ernest Rolfson, the company’s Founder and CEO. “Using our API and smart payment routing technology, our customers can deliver exactly the right payment type, efficiently, and at the right time to their suppliers.”

Steve MacDonald, Partner at Florida Funders, remarked that “The team, advisory board, and investor base Finexio has attracted provides a deep bench of domain expertise that will ensure the company will execute on their vision even more rapidly in 2018 and 2019.” MacDonald went on to say: “We were acutely aware of the paper payment challenges in the worker’s comp, healthcare, and insurance verticals, and are excited about Finexio’s unique capabilities to eliminate unnecessary payments that are mailed or faxed to medical providers.”

Said James R. Heistand, Finexio’s Chairman: “Finexio’s customer traction and positive growth trajectory positions the company well to gain widespread market adoption. This investment validates our seed financing in 2016, and will enable a world-class team to continue to win business in important verticals such as real estate, construction, legal services, insurance, and healthcare.”

About Finexio

Finexio’s next generation b2b payments technology fills a critical need in the corporate payments space. In the US, corporations traditionally pay all suppliers with paper checks. In 2017 alone, analysts estimate that 12 trillion dollars of paper checks were issued and mailed to suppliers. Finexio’s mission is to eliminate that US paper check spend. Launched in early 2017 by former executives from MasterCard and Change Healthcare, Finexio provides an API used by accounts payable platforms, ERP systems, and corporations directly. The company’s patent-pending technology identifies which suppliers can be paid electronically and then routes payments to suppliers without requiring bank account information. Customers rely on Finexio to pay their suppliers effectively, securely, and quickly.

About James R. Heistand

Jim Heistand is President and Chief Executive Officer of Parkway, Inc. and Parkway Properties, Inc. (collectively “PKY”). Jim joined PKY through a combination with Eola Capital and founded Eola Capital in 2000 and served as chairman since its inception. Eola acquired $1.3 billion of office assets backed by PSP, GE Capital, Lehman Brothers, and others that included 13.3 million square feet in Florida, Atlanta, and Virginia. Jim currently serves on the Board of Directors of United Legacy Bank in Orlando, Florida and is a member of the Chairman’s Circle of the Real Estate Advisory board for the Warrington College of Business Administration at the University of Florida.

About Florida Funders

Tampa-based Florida Funders is a hybrid of a venture capital fund and crowd-funding platform that invests in early-stage technology companies in Florida. The firm is led by an experienced team of serial entrepreneurs, venture capitalists, and experienced angel investors with proven track records of successful exits and a shared passion for growing the next generation of Florida tech companies. For more information, visit www.floridafunders.com.

About Loeb.nyc

Loeb.nyc is a startup lab and early-stage private investor built on the belief that aligning the right people with the right ideas creates successful companies. We’ve been active in the entrepreneurial community for decades, and now, our brand new space in the heart of Midtown Manhattan will carry on the Loeb Enterprises legacy of developing successful businesses. We are entrepreneurs, strategic partners, mentors, and industry experts who have launched and scaled enduring companies across industries utilizing proven strategies and techniques.

For further information or interview requests, please contact Anna Powers Tracy, Finexio’s Director of Marketing, at (407) 627-0607 or anna@finexio.com.

PRESS RELEASE
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Finexio, the smart B2B payment network, will help improve Morgan & Morgan PA’s payment system

Orlando, FL March 27th, 2017 – Today Finexio announces Morgan & Morgan PA, a major national plaintiffs’ law firm and the largest law firm in Florida, has chosen Finexio’s smart B2B payment network to streamline its accounts payable processes.

Finexio’s platform, the smart B2B payment network, delivers an electronic commercial payment capability which eliminates the high cost of paper based check printing and mail expense for accounts payable departments.  The Finexio smart B2B solution intelligently converts paper payments to electronic and identifies the most efficient direct bank deposit method available for the vendor.  This solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed electronic payments into the corporate buying and selling experience.

Morgan & Morgan is Finexio’s first major customer in Central Florida, and said it is pleased to support local Central Florida technology innovation and job creation.

“Our firm is excited to be partnering with Finexio to help streamline our payment processes,” Morgan & Morgan CFO Jason Kimmel said. “We are dedicated to embracing new technologies that improve client services and allow us to better work with local companies, which is very important to us.”

Finexio’s smart payment network helps corporations and payments software platforms to eliminate costly and inefficient paper checks mailed to vendors.  Deployed as an integrated commercial payments platform as a service, Finexio turns accounts payable departments from a cost center to a profit center.  Finexio weaves together access to several private “closed loop” payment processing networks to rapidly eliminate and convert checks to electronic formats.

“Finexio’s proprietary payment network helped Morgan & Morgan identify incremental spend opportunities missed by legacy banks,” said Ernest Rolfson, CEO and Founder of Finexio.  “The automation and intelligent network routing capabilities we deploy at Finexio combined with flexible pricing for suppliers, helps Morgan & Morgan miss fewer payment transactions and accelerate rebate opportunities.”

About Finexio

Finexio is the smart B2B payment network.  The Finexio network eliminates commercial paper check spend by identifying and routing payments through a unique “network of closed loop networks”.  Payments on the Finexio rails are seamlessly pushed into a supplier’s bank accounts at fees substantially lower than prevailing commercial payment costs.   Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms to enable them with a more efficient payment modality. More information on Finexio’s smart B2B payment network can be found at https://finexio.com

About Morgan & Morgan

Morgan & Morgan, based in Orlando, is a leading plaintiffs’ firm, working for the people, with more than 300 attorneys in nearly 40 offices in 10 states. The firm represents clients in dozens of practice areas, ranging from personal injury, labor and employment, workers’ compensation, mesothelioma and medical malpractice to class actions and mass torts, among other areas. Its attorneys, along with its almost 2,000 support staff, fight for justice while providing a personal experience to each and every client. For more information, visit www.forthepeople.com.

PRESS RELEASE
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Finexio, the smart B2B payment network, will help improve Morgan & Morgan PA’s payment system

Orlando, FL March 27th, 2017 – Today Finexio announces Morgan & Morgan PA, a major national plaintiffs’ law firm and the largest law firm in Florida, has chosen Finexio’s smart B2B payment network to streamline its accounts payable processes.

Finexio’s platform, the smart B2B payment network, delivers an electronic commercial payment capability which eliminates the high cost of paper based check printing and mail expense for accounts payable departments.  The Finexio smart B2B solution intelligently converts paper payments to electronic and identifies the most efficient direct bank deposit method available for the vendor.  This solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed electronic payments into the corporate buying and selling experience.

Morgan & Morgan is Finexio’s first major customer in Central Florida, and said it is pleased to support local Central Florida technology innovation and job creation.

“Our firm is excited to be partnering with Finexio to help streamline our payment processes,” Morgan & Morgan CFO Jason Kimmel said. “We are dedicated to embracing new technologies that improve client services and allow us to better work with local companies, which is very important to us.”

Finexio’s smart payment network helps corporations and payments software platforms to eliminate costly and inefficient paper checks mailed to vendors.  Deployed as an integrated commercial payments platform as a service, Finexio turns accounts payable departments from a cost center to a profit center.  Finexio weaves together access to several private “closed loop” payment processing networks to rapidly eliminate and convert checks to electronic formats.

“Finexio’s proprietary payment network helped Morgan & Morgan identify incremental spend opportunities missed by legacy banks,” said Ernest Rolfson, CEO and Founder of Finexio.  “The automation and intelligent network routing capabilities we deploy at Finexio combined with flexible pricing for suppliers, helps Morgan & Morgan miss fewer payment transactions and accelerate rebate opportunities.”

About Finexio

Finexio is the smart B2B payment network.  The Finexio network eliminates commercial paper check spend by identifying and routing payments through a unique “network of closed loop networks”.  Payments on the Finexio rails are seamlessly pushed into a supplier’s bank accounts at fees substantially lower than prevailing commercial payment costs.   Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms to enable them with a more efficient payment modality. More information on Finexio’s smart B2B payment network can be found at https://finexio.com

About Morgan & Morgan

Morgan & Morgan, based in Orlando, is a leading plaintiffs’ firm, working for the people, with more than 300 attorneys in nearly 40 offices in 10 states. The firm represents clients in dozens of practice areas, ranging from personal injury, labor and employment, workers’ compensation, mesothelioma and medical malpractice to class actions and mass torts, among other areas. Its attorneys, along with its almost 2,000 support staff, fight for justice while providing a personal experience to each and every client. For more information, visit www.forthepeople.com.

PRESS RELEASE
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Finexio, the smart B2B payment network, deploys innovative closed loop payments platform for ScriptRelief, LLC

ScriptRelief, LLC selects Finexio to eliminate costly paper check processes with its unique “Network of Networks” delivery model

Orlando FL, Monday, March 6th, 2017

Today Finexio announces that ScriptRelief, LLC has launched a new electronic payments platform that will reduce cost and inefficiencies associated with their current paper-based check processes for vendor payments.

Finexio’s platform, the smart B2B payment network, delivers commercial payment capabilities that fill the gap between existing manual processes by intelligently converting paper payments to capture the best possible transaction price and method of electronic delivery. This solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed payments into the corporate buying and selling experience.

“We are excited to leverage Finexio’s unique electronic payment network,” said Rich Vogel, CFO of ScriptRelief. “ScriptRelief is always looking for ways to become more efficient, reduce costs, and generate revenue.  Finexio’s smart B2B payment network impressed our team with its ability to help us make more electronic payments than our current banking and payment vendors.  We will realize significant cost savings and revenue growth from this deployment.”

Deployed as an integrated commercial payments platform as a service, Finexio weaves together access to several private “closed loop” payment processing networks.  The platform provides unique integration with a variety of payment and billing aggregators, payment facilitators, merchant acquirers, processors, and payment networks.   Virtual card and ACH round out the Finexio network to guarantee electronic payment adoption.

“Finexio’s proprietary network of hundreds of thousands of vendors helped ScriptRelief find and execute on opportunities to shift spend away from paper checks,” said Ernest Rolfson, CEO and Founder of Finexio.  “The automation and intelligent network routing capabilities we deploy, combined with flexible pricing for suppliers, helps ScriptRelief make 100% of their payments electronically in methods preferred by ScriptRelief and its vendors.”

More information on Finexio’s smart B2B payment network can be found at https://finexio.com

About Finexio

Finexio is the smart B2B payment network.  The Finexio network eliminates commercial paper check spend by identifying and routing payments through a unique “network of closed loop networks.”  Payments on the Finexio rails are seamlessly pushed into a supplier’s bank accounts at fees substantially lower than prevailing commercial payment costs.   Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms to enable them with a more efficient payment modality.

About ScriptRelief LLC

ScriptRelief, LLC is the creator of the National Prescription Savings Network card and the prescription discounts available through SearchRx at https://www.searchrx.com.  Through these platforms, ScriptRelief provides medication discounts that help consumers save an average of 50% and up to 75% off their prescriptions. In its five-plus years of operations, ScriptRelief has helped nearly 11 million Americans save over $1.5 billion on prescription medications. Learn more about the National Prescription Savings Network card and the 50,000 plus available prescription discounts at https://www.searchrx.com.

PRESS RELEASE
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Finexio, the smart B2B payment network, raises $1 Million Seed Round led by James R. Heistand and Loeb.nyc

Finexio brings integrated payment processing automation into accounts payable and procurement software

San Mateo, Monday, August 8th, 2016

Finexio, the smart B2B payment network, announced today it has secured $1M in seed funding. The financing was led by James R. Heistand with participation from Loeb.nyc, and a number of seasoned angel investors from the fintech industry.

Currently, ACH and credit card B2B solutions contain high fees, extensive manual processes, and a confusing enrollment method that frustrate corporate buyers and suppliers alike. Consequently, 50% of the U.S.’s B2B commercial spend, worth about $12 trillion USD, remains on paper check due to the lack of an appropriately priced, effective, and efficient commercial payment solution.

Finexio’s B2B payment capabilities fill the gap between these existing solutions by intelligently routing payments on and off existing ACH and credit card rails to find the best possible transaction price. This solution seamlessly integrates into enterprise accounts payables and procurement software platforms to effortlessly embed payments into the corporate buying and selling experience

“Having spent years as financial processes consultants and working at large “Fintech” and payments companies, we experienced first-hand the paper based, slow manual delivery of “virtual credit cards” These cards are currently mindlessly printed on tens of thousands of pieces of paper monthly, then mailed or faxed to suppliers. Not only are these suppliers forced to undergo a costly manual effort to receive their money, but they also are forced to pay a 3.5-5% fee for processing costs. We knew there was a better way to both pay and get paid as tens of thousands of suppliers, many of them small businesses, deserved better” said Ernest Rolfson, CEO and Founder.

“I was impressed with the team and vision behind Finexio, the large market they were going after, and the traction developed in such a short time to tackle a clearly addressable problem,” remarked James R. Heistand, CEO Parkway Properties. “Our finance team had previously tried to implement a standard credit card payables program for our company that failed to gain any traction due to the high fees it forced upon our suppliers. Today we are still printing and mailing thousands and thousands of checks annually, but look forward to applying this truly unique solution to eliminate unnecessary process and cost for both us and our suppliers.”

Through a single point of contact, Finexio weaves together access to several private “closed loop” payment processing networks by collaborating with a variety of payment and billing aggregators, payment facilitators, merchant acquirers, processors, and payment networks. “We started working with large enterprise accounts payable automation vendors who realized they were leaving money on the table by sending checks to the majority of their suppliers instead of a modern electronic solution,” shared CTO and co-founder David McGuerty “We started by matching up the existing paper check spend to Finexio electronic network reach.  In the last several months alone we have identified several hundred million dollars of paper payments that could be shifted to a more efficient electronic payment.  It’s a good deal for both buyer and supplier.”

This round of investment will allow Finexio to further enhance its payment platform and develop additional integrations to extend its reach beyond the several hundred thousand suppliers already payable on the Finexio rails.

Third party vendors who either make payments on behalf of buyers or process payments on behalf of suppliers interested in partnering and integrating with Finexio should visit www.www.finexio.com for more information.

About Finexio
Finexio is the smart B2B payment network. The Finexio network eliminates commercial paper check spend by identifying and routing payments through a unique “network of closed loop networks”. Payments on the Finexio rails are seamlessly pushed into a supplier’s bank accounts at fees substantially lower than prevailing commercial payment costs. Finexio integrates into large payment aggregators, accounts payable automation, and procurement software platforms to enable them with a more efficient payment modality

About James R. Heistand
Jim Heistand was appointed as President and Chief Executive Officer of Parkway in December 2011 and served as Executive Chairman of the Company just prior to his current role.  Jim joined Parkway through a combination with Eola Capital and founded Eola Capital in 2000 and served as chairman since its inception.  Eola acquired $1.3 billion of office assets backed by PSP, GE Capital, Lehman Brothers and others that included 13.3 million square feet in Florida, Atlanta and Virginia. Jim currently serves on the board of directors of United Legacy Bank in Orlando, Florida and is a member of the chairman’s circle of the real estate advisory board for the Warrington College of Business Administration at the University of Florida.

About Loeb.nyc
Loeb.nyc is a startup lab and early-stage private investor built on the belief that aligning the right people with the right ideas creates successful companies. We’ve been active in the entrepreneurial community for decades, and now, our brand new space in the heart of Midtown Manhattan will carry on the Loeb Enterprises legacy of developing successful businesses. We are entrepreneurs, strategic partners, mentors, and industry experts who developing successful businesses. We are entrepreneurs, strategic partners, mentors, and industry experts who have launched and scaled enduring companies across industries utilizing proven strategies and techniques.