Navro (formerly Paytrix) raised $14 million to boost global payments.
Navro, the #fintech innovator previously known as #Paytrix, has recently marked a significant milestone in its journey to redefine the global payments landscape. With a successful $14 million funding round led by Bain Capital and Unusual Ventures, and the authorization of an Electronic Money Institution (EMI) licence by the Central Bank of Ireland, Navro is set to revolutionize how international businesses manage payments across borders.
The acquisition of an EMI licence, complemented by prior authorization from the UK's Financial Conduct Authority (FCA), positions Navro at the forefront of regulatory compliance and governance. This strategic move strengthens Navro's commitment to offering secure and regulated payment solutions but also expands its operational footprint across the European Union, the United States, and beyond.
The infusion of $14 million in capital from renowned investors such as Bain Capital, Unusual Ventures, Motive Partners, and Fin Capital empowers Navro to accelerate its growth plans. The funds are earmarked for enhancing the company's global payments network and infrastructure, ensuring that Navro can meet the complex and evolving needs of its clients in e-commerce, marketplaces, online platforms, and more.
Aran Brown, CEO and Co-Founder of Navro, emphasizes the critical need for efficient, seamless payment solutions across various industries plagued by the complexities of managing high-volume, cross-jurisdictional transactions. The endorsement by Ireland’s Minister for Finance, Michael McGrath, highlights the strategic importance of Navro's EMI licence.
The article on FinTech Global in the first comment.
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