Koxa Announces New Investment to Provide Complete Treasury Open Banking
NEW YORK, Feb. 22, 2022 /PRNewswire/ — Koxa Corp today announced a significant growth investment. The NY-based fintech company provides an open banking enablement platform that is massively improving the treasury banking market.
Crosslink Capital led the investment, with participation from Clocktower Technology Ventures, Fin Capital, Basecamp Fund, This is Water, existing angel investors, and others.
Koxa will use the investment to fund the company’s continued rapid growth, including hiring critical new team members, building additional ERP integrations, and developing category-first product extensions.
Camellia George and Conner Mulvee founded Koxa in 2020 to fix the broken treasury banking system. Camellia explained, “Accounting teams are sick of manual processes, constantly uploading and downloading flat files to and from their bank portal, and setting up expensive, brittle, one-off FTP connections.” Camellia adds, “They consistently tell us that they want to pay vendors and reconcile bank data with the click of a button inside their ERP – so that’s what we built. Koxa is an all-API, all in-ERP solution. No bank portal. No file upload. No FTP. Just Koxa’s secure simplicity.”
Crosslink investor Caroline Broder joined Koxa’s board of directors concurrent with the investment. “From our first meeting with Camellia and Conner, we knew we wanted to partner with them. Crosslink’s thesis in modernizing core banking infrastructure is focused on opening up the tooling that connects banks with the core activities of their customers. The pain point for banks and treasury teams is massive, and has remained unsolved for far too long. We are confident Koxa is the right company and team to lead that change.”
Koxa’s platform is currently integrated with 3 of the top 5 US banks, and the company continues to build its network of banks and ERPs.
Koxa is a fintech API platform that connects ERPs and accounting software — like NetSuite, Workday, Microsoft Dynamics GP — to corporate bank accounts. Koxa partners with banks to extend the functionality of a bank’s online treasury portal directly into the user’s accounting software.
Koxa is proud to be a Pending B Corp.
Visit koxa.io for more information.
About Crosslink Capital
Crosslink, founded in 1989, is a Bay Area-based early-stage venture capital firm with over $5B in assets under management. Crosslink partners with founders that are market disrupters and category creators, typically at the Seed-Series A stage, across highly dynamic enterprise and consumer technology sectors. Crosslink has a track record of early investments in disruptive financial technology companies including AutoFi, Brace, Chime, Clyde, Novo, Personal Capital (acquired by Empower Retirement), and Step.
About Clocktower Technology Ventures
Clocktower Technology Ventures partners with entrepreneurs who have the vision and drive to reinvent financial services, investing from the earliest seeds of startups to businesses scaling for growth. Since launching in 2015, Clocktower Technology Ventures has invested in over 130 fintech companies in North America, Europe, and Latin America.
About Fin Capital
Fin is a globally focused venture capital firm focused on the intersection of financial services and technology. The Fin team includes seasoned operators with deep corporate and start-up experience, that know what it’s like to walk in entrepreneurial shoes and how to move the needle for its companies.
About Basecamp Fund
Basecamp Fund partners with companies across categories and geographies at the pre-seed and seed stages. Basecamp believes that technology can be a catalyst for positive change and progress, and the firm looks to back entrepreneurs building category-defining businesses no matter their credentials or background. The team consists of former founders and operators exclusively focused on supporting start-ups throughout their entire entrepreneurial journey. Basecamp’s collaborative co-investors are committed to partnering with leading early-stage investors. Basecamp is proud to be part of Alumni Ventures.
About This is Water
This Is Water, a values-driven investment fund started by two B Corp business founders, focuses on best emerging fintech, consumer, and health tech brands changing the game and leading by example, both with bottom line results and a commitment to social or environmental impact.
SOURCE Koxa Corp