Axios Initial Exclusive: Alternative Payments Raises $22M to Modernize the $15T Services Economy

In an interview with Axios, Alternative Payments CEO Baxter Lanius shared details on the company’s $22 million raise and its mission to bring real innovation to the $15 trillion B2B services economy—an area largely left behind by fintech.

Lanius explained how the platform helps service-based businesses automate outdated payments workflows, cutting time-to-pay from 50 days to just 10. “Think of us like a collections firm, a payments processor, and a real-time analytics engine rolled into one,” he told Axios.

Backed by MissionOG and Third Prime, the funding spans a 2021 seed and a recently closed Series A. With 600 customers and $500 million in processing volume already, Alternative Payments is gaining momentum with IT distributors, MSPs, and vertical SaaS providers—serving clients from HVAC companies to funeral homes.

Drawing on his experience at Apollo Global Management, Lanius saw firsthand how underserved these sectors were. “No one was innovating in these service-based markets,” he said—and Alternative Payments is out to change that.

Read the full article on Axios →