FlexPay

FlexPay offers specialized solutions for recovering failed payments, particularly for subscription-based businesses. Their innovative systems enhance customer retention and revenue recovery, targeting involuntary churn effectively with advanced technology. FlexPay, founded in 2017 and headquartered in Montreal, Canada, focuses on failed payment recovery solutions. The company was established by Darryl Hicks, who has a history of leading ventures in the tech space.

In December 2019, FlexPay raised USD 6. 00 mn in Seed funding, led by Impression Ventures, with additional investments from AQC Capital and BMO Capital Partners, totaling USD 6. 00 mn raised to date. FlexPay specializes in failed payment recovery solutions targeted at subscription-based businesses.

Their core product offerings include the Invisible Recovery™ and Engaged Recovery™ systems, designed to minimize customer churn and enhance revenue by recovering all types of failed payments. The Invisible Recovery™ utilizes AI technology to rectify payment failures seamlessly, while Engaged Recovery™ uses behavioral science to actively engage customers in resolving payment issues. FlexPay serves clients across various sectors such as e-learning, health and fitness, insurance, and subscription box services in North America and Europe. FlexPay operates under a revenue model based on partnerships with businesses that subscribe to its services for payment recovery solutions.

Clients enter contracts allowing FlexPay to manage failed payment recovery processes in exchange for a share of the recovered revenue, thereby enhancing overall subscription profitability. FlexPay’s expertise significantly increases recovery rates, proven by case studies across multiple industries, with specific pricing plans tailored to meet each business's unique needs. FlexPay plans to leverage its recent Seed funding of USD 6. 00 mn raised in December 2019 to enhance product offerings and market expansion.

The company aims to develop new tools for failed payment recovery and intends to penetrate additional markets across Europe by late 2023. This strategic funding will support research and development and market entry efforts, allowing FlexPay to broaden its service scope and client base.