Paytrix, a London-based FinTech building a payments ecosystem to help businesses grow, has raised $18.3m in Series A funding to drive product development and international expansion.
Through one platform, one contract and one API, Paytrix’ payments curation solution provides access to the “best payments ecosystem around the world.”
The infrastructure is designed to reduce the inefficiency, cost and complexity of international payments. In contrast, existing international payments solutions typically require businesses to source, negotiate and maintain a minimum of 10 to 15 partners, contracts and APIs.
Unusual Ventures, Motive Partners and Bain Capital Ventures co-led the Series A investment. Bain Capital Ventures participated in an earlier funding round in May 2022 with Fin Capital, Better Tomorrow Ventures, Hambro Perks, ClockTower Ventures, The Fintech Fund, D4 Ventures and a number of notable angel investors all also participating in both rounds.
Aran Brown, CEO and co-founder of Paytrix, said, “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.”
Lars Albright, general partner at Unusual Ventures, added, “Paytrix has assembled a world-class team with deep expertise in payments, fintech and financial services. Not only does the team have a strong track record, they have a powerful vision for the future of global payments. We look forward to deeply supporting the Paytrix team as they build out their payments curation service to deliver on that compelling vision.”
Earlier this year, Open Payments, a Swedish FinTech company, collected €3m in a growth funding round led by Industrifonden, Sweden’s venture capital fund.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
