Payments solutions provider Ixaris has spun off Ixaris Technologies, a dedicated B2B tech-focused arm that will support its Open Payment Ecosystem Platform, an offering that launched last June.
With the launch of Ixaris Technologies as a distinct company, the London-based company’s shareholders have contributed $6 million in launch funding to accelerate growth. Combined with its previous $10 million in equity funding, Ixaris’ total funding is $16.
CEO Alex Mifsud highlights the fiscal reasoning behind the spinoff stating, “Our B2B payment offering now accounts for 25% of Ixaris Group revenues, which exceeded $16 million in 2015.” He continues by explaining the market reason behind the separation, “The payments industry is shifting focus towards APIs and technology solutions to help drive open banking, further reinforcing that the time is right to launch a company dedicated to open payments.”
Ixaris’ sister company EntroPay will focus on its self-service consumer and SMB virtual card business.
At FinovateEurope 2015, Ixaris launched a UI editor for its Open Payments Platform.
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