Canadian fintech start-up FlexPay has raised $6m in a fresh funding round led by venture capital firm Impression Ventures.

The funding round also witnessed the participation from Anges Québec, BMO Capital Partners, and other strategic partners.

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FlexPay leverages artificial intelligence (AI) and machine-learning to enable merchants recover lost revenues from declined transactions.

According to a report, nearly 24% of recurring credit card transactions is falsely declined. This led to a $300bn loss in sales to online and telephone merchants in the US alone.

To deal with this problem, FlexPay evaluates billions of transaction records using AI and machine-learning to uncover the reasons behind falsely declining transactions.

Subsequently, FlexPay uses this real-time data to augment credit card recovery and obtain valid transactions approved.

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FlexPay CEO Darryl Hicks said: “2019 was a year of significant in-roads. We surpassed the two million declines-processed mark and multiplied our integration points 8-fold, giving us access to a pool of four billion dollars in annual declines, 40,000 merchants and 80 million end-customers.

“The next logical step was to invite venture partners to join us and add their capital and expertise to accelerate us to help billions of end-customers get their transactions approved.”

Impression Ventures managing partner Maor Amar said: “We believe FlexPay to be the best-in-class solution in a massively underserved market. The company’s AI powered systems provide a solution to the large and rapidly growing problem of false credit card declines.

“FlexPay’s management team has an impressive entrepreneurial track record, in depth knowledge of this market and the passion and energy required succeeding. We are thrilled to join them on this journey.”