FlexPoint: Payments Purpose Built for MSPs
Our investment in FlexPoint
We’re excited to announce our partnership with Victor Lopez and Sam Kushner and investment in FlexPoint, the modern payment stack for Managed Service Providers (MSPs).
The Role of the MSP
MSPs play an important role as part of the broader IT channel. They provide critical IT services to other businesses, helping customers like dental practices, restaurant chains, and construction companies manage technology procurement, cybersecurity, backup, and disaster recovery. MSPs account for approximately $250B in SMB IT spending, a number that is expected to grow to over $300B by 2025 and are essential to SMB technology adoption. Yet MSPs and their customers struggle with offline payments and complex billing requirements.
Due to the size of invoices (technology upgrades aren’t cheap!), the lack of specialized digital payment solutions, and the lack of consolidated back-end software, MSPs can spend an average of a day a week manually reconciling their customer invoices. Physical checks are also still a primary form of payment. All of this combines to create both cash flow and resource challenges for MSPs.
Victor, Sam, and the team at FlexPoint are here to help.
Better Software + Streamlined Payments = Better Customer Experiences
FlexPoint helps MSPs improve cash flow by automating payments, providing visibility into cash flow, and saving time on manual processes. Additionally, FlexPoint's payment automation platform makes it easy for MSPs and their business clients to get access to capital. This allows MSPs to focus on delivering a better client experience and growing their business.
We’ve been working with Victor and Sam over the last year and are always struck by how deeply they care about both their customers and their customer’s customers. They are constantly looking for ways to help their customers run their businesses more efficiently through software, and it shows. Since emerging from beta a few months ago, they now have hundreds of businesses processing millions of dollars in payments through the platform, adding new customers every week, and showing no signs of slowing down.
We’re thrilled to have led FlexPoint’s $2.4M round and to be joined by our friends at Far Out Ventures, Techstars, Cascade Ventures, and Lorimer Ventures, alongside industry leaders including David Bellini, the former President & COO of ConnectWise, and Adam Slutskin, the former CRO ConnectWise, in supporting the company.
The market has been demanding a platform like FlexPoint for years, and the opportunity to serve the MSP market has never been greater. We’re excited to partner with Victor, Sam, and the team, and help build the next category-defining MSP-focused software solution. Let’s do this!
For more on FlexPoint check out this article in CRN, and visit their website at getflexpoint.com!
Garuda Ventures is a B2B-focused, pre-seed and seed-stage venture firm. Subscribe below to get the latest from us, and visit garuda.vc to learn more.