Latina-founded banking-as-a-service provider NovoPayment scores $19m

NovoPayment, a Latina-founded banking-as-a-service provider, has scored $19m in its Series A funding round.

Fuel Venture Capital and IDC Ventures served as the lead investors to the round.

The FinTech company plans to increase its capabilities, release new features and functionalities, bolster security and capitalise on US market opportunities.

As part of its growth plans, NovoPayment will expand its network of partners, which currently sits at 60, to build more integrations that streamline the enablement of products and services via APIs.

Hiring efforts are also increasing, with the plan to add over 100 engineers, business development, and product experts to support growth and open hubs in Austin and San Francisco.

Finally, the FinTech company is looking to accelerate its growth in existing markets, with a focus on the US and countries in Latin America and the Caribbean.

Over the past eight years, the FinTech company has expanded into 14 markets. In 2021, it experienced a 40% client growth, including partnerships with Visa, Mastercard and IADB, among others.

NovoPayment was co-founded by Anabel Perez, a Venezuelan-born entrepreneur with over 20 years of experience in the banking and payments sector. In 2014, Perez and her team set out to transform how financial services and payments were built and delivered in the Americas. The company’s headquarters are in Miami.

The FinTech company offers a full-stack, multi-country and multi-currency API cloud-based platform that powers digital banking, payment and card solutions.

Speaking on the funding round, Perez said, “Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure.

“We’re grateful to have investors who recognize our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs and enabling any business to manage and embed innovative financial services into their end-user experience.”

Fellow Latin American FinTech company Xepelin recently collected $111m in its Series B funding round. The company offers financial services to small and medium sized businesses in the region.

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