The fintech is aiming for rapid expansion after securing two e-money licenses, raising new funding and rebranding its business.
Navro, the fintech formerly known as Paytrix, has raised $14 million to expand its business after securing a key license from the Central Bank of Ireland.
The funding round, led by Bain Capital and Unusual Ventures, will help the company prepare for expansion. The UK and Ireland-based company also has an Electronic Money Institution (EMI) license from the Central Bank.
Navro said the EMI designation further positions online companies to help simplify international payments. The license will allow Navro to offer electronic money services “under the protection of European Union regulations.”
The company was founded in 2022 to “fill the gap in the market” for an efficient and streamlined international payments platform. Navro claims that its payments curation platform allows customers to access the best payment services in any region of the world through one platform, one API, and one contract.
As well as securing an e-money license in Ireland, Navro said it had also secured a similar license from the FCA in the UK.
Navro CEO Alan Brown said: “International payments are a pain point across a range of industries, including e-commerce, marketplaces, and online platforms such as payroll and pensions, to name just a few.” Masu. “These areas need to handle complex deposits and withdrawals with a large number of businesses and individuals and across multiple jurisdictions.
“Obtaining licenses in Ireland and the UK puts us in great position for 2024, as we are confident that international companies can use our solutions to solve these pain points in a regulated environment. It means.”
Navro said the decision to rebrand from its previous name, Paytrix, comes against the backdrop of rapid growth and a decision to offer more than just payments. The company said the latest funding round means it is “fully capitalized” through 2026.
Last year, Navro raised €16.7 million and selected Ireland as its EU base before starting a recruitment drive to expand, The Independent reported. In August 2023, the fintech company appointed Joe Redmond as head of its Irish operations, driving expansion plans across Europe.
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