Another South Florida fintech is getting attention – and funding – from investors.
Miami startup ApexEdge announced it raised a $4 million seed round led by Florida Funders and the Institute for Commercialization of Florida Technology. The company, a subscription management platform for banks, credit unions and fintechs, enables customers to cancel subscriptions and negotiate bills with service providers. ApexEdge already works with businesses such as Intuit, MetLife and NerdWallet, and plans to scale after its recent capital injection.
“The subscription economy is showing no signs of slowing down,” co-founder and CEO Steven McKean said. "We couldn’t think of a better time than now to focus our efforts on helping people live healthier financial lives and enabling financial institutions to deepen their customer relationships – it’s a win-win for everyone.”
ApexEdge's subscription management platform, BillShark, is already attracting the support of major backers including Dallas Mavericks owner and "Shark Tank" investor Mark Cuban. This week, personal finance website Intuit Mint partnered with BillShark to offer users an easy way to negotiate bills and subscription costs.
The average American family has subscriptions to four or five streaming services, according to a 2021 survey from J.D. Power. Collectively, those subscriptions cost about $55 a month, up from $38 in 2020.
And that's only streaming. Another survey of 2,500 people from digital consulting firm West Monroe found that Americans spend an average of $273 a month on subscription services and products, which could include items related to fitness, pets, meal deliveries, dating and more. In some cases, consumers may be paying for services they no longer use.
Florida Funders Managing Partner Tom Wallace said the firm supported ApexEdge because it offers solutions that can improve consumers' financial well-being. The Tampa-based firm expanded to Miami last year to build relationships with local founders and investors as more technology industry insiders relocate to South Florida. So far, it has invested in at least 10 early-stage startups in the Miami area, including HealthSnap, ClassWallet, Bambino and Lula.
"Florida Funders is proud to support ApexEdge, as we see the adoption of its services across industries helping its customers save money and reduce unnecessary stress," Wallace said.
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