Navro (formerly Paytrix), a Dublin, Ireland- and London, UK-based digital payments company, raised USD 14M in funding.
The round was led by Bain Capital and Unusual Ventures, and including Motive Partners, with participation from prior investors Fin Capital.
The company intends to use the funds to increase its reserves and satisfy the capital requirements of tier-one regulators, clients and banks.
Led by CEO Aran Brown, Navro provides a payments curation platform for online businesses to navigate their growth into foreign markets, all through one contract and one API.
The company is also announcing that the Central Bank of Ireland has authorised its EMI licence.
Commenting on the news, Aran 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. 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.”
FinSMEs
09/02/2024