The London fintech firm raised the capital from backers including Bain Capital and Unusual Ventures to satisfy tier-one regulatory requirements.
"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."
The investment was led by Sixth Street Growth to support international expansion and product development.
"Our mission is to create a world where everyone can build a thriving business. The consistent growth SumUp has shown over the past eleven years is a direct result of the success of the merchants we serve, and it would not be possible without the unwavering trust and support of the investor community. We are excited to have Sixth Street join that community. This funding gives us additional firepower to pursue growth opportunities and accelerate products that empower small businesses."
The investment was co-led by Unusual Ventures, Motive Partners, and Bain Capital Ventures to fuel international expansion and product development.
"High-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the market — at one end you have inefficient local solutions; at the other, you have the tier-one global providers, inaccessible to all but the world’s biggest businesses. Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve."
The London based payments curation platform has raised £5m from a syndicate led by Hambro Perks to scale its technology.
"Very early in our journey we recognised there was a real challenge in how growing businesses navigate the fragmented global payments ecosystem – much like in the consumer market there has been a great unbundling of financial services that has improved choice but created greater complexity. We believe the answer to this is curation and not orchestration – a deeper set of connections that can support not only complex payment flows, but those same flows across multiple geographies and payment types. We are thrilled that this vision resonated with such a prestigious group of investors and industry leaders."
The seed round was co-led by Fin Capital and 1818 Ventures to accelerate the rollout of its buy now, pay later service.
"Accessing funds for businesses can be a painful, complex and time consuming experience, but we’re here to fix that. Our subscriptions offer clients access to easy, fast and affordable funding to spread their services into manageable payments. We’re helping businesses increase their liquidity and stretch their cash flow further and for longer."
