Navro, formerly known as Paytrix, has secured $14m in its latest funding round and has concurrently announced that the Central Bank of Ireland has authorised its EMI licence.
The round was led by existing investors Bain Capital and Unusual Ventures, with participation from Motive Partners and prior investors Fin Capital. This investment bolsters Navro’s reserves, enabling it to meet the capital requirements of tier-one regulators, clients, and banks.
The newly raised funds will support Navro’s expansion plans and enhance its capabilities to meet the evolving needs of its clients.
With a focus on growth and innovation, Navro aims to further develop its global payments network and infrastructure to provide seamless and regulated payment solutions to international businesses.
By securing an EMI licence from both the Central Bank of Ireland and the UK’s Financial Conduct Authority (FCA) underscores its commitment to regulatory compliance and governance.
Aran Brown, CEO and Co-Founder of Navro, 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.”
Welcoming the authorisation, Ireland’s Minister for Finance, Michael McGrath, said, “I would like to congratulate the team at Navro on securing their EMI licence from the Central Bank of Ireland, which marks an important milestone for this fast-growing company. Ireland has a strong track record of attracting and retaining innovative firms like Navro and their Irish operations will give them a strong platform to develop their regulated business in the EU, the US and beyond.”
The company has recently began operating under a new moniker and guise – rebranding from Paytrix to Navro. The decision is a strategic move driven by the company’s rapid growth and its evolving scope beyond payments. Navro signifies the company’s expanded mission to assist customers in navigating their growth into new markets with speed and efficiency.
This rebrand reflects Navro’s commitment to providing comprehensive solutions that go beyond traditional payment services, aligning its brand identity with its broader business objectives.
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