Navro secures £11.1m in Series A follow-on funding led by Bain Capital and Unusual Ventures to bolster regulatory reserves.
The London fintech firm raised the capital from backers including Bain Capital and Unusual Ventures to satisfy tier-one regulatory requirements.
Navro provides a global payments curation platform that simplifies international transactions for growing businesses. The London based fintech firm operates through a single API and contract to connect firms with regional payment services.
Navro has secured £11.1m in a Series A follow-on funding round led by Bain Capital and Unusual Ventures, with participation from Motive Partners and Fin Capital. The capital injection coincides with the company obtaining an Electronic Money Institution licence from the Central Bank of Ireland, following a similar authorisation from the UK regulator. Formerly known as Paytrix, the firm will use the funds to strengthen its reserves and meet regulatory capital requirements as it expands its international footprint.
From the founder
"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. These are sectors that need to cater for complex layers of incoming and outgoing payments, to and from large volumes of businesses and individuals, and across multiple jurisdictions. Getting the licences in Ireland and the UK sets us up wonderfully for 2024 and means that international businesses can now use our solution to remove these headaches in a regulated environment."
Aran Brown
CEO and Co-Founder at Navro
Use of funds
- 01Scale operations
