NovoPayment, an embedded financial and payment infrastructure service provider, has recently raised $20m in funding.
According to Finextra, this significant investment was made by Morgan Stanley Expansion Capital, marking a pivotal moment for the US-headquartered firm.
Specializing in a broad spectrum of financial services, NovoPayment provides a comprehensive suite of tools that cater to banks, financial institutions, neo-banks, digital merchants, and FinTech companies. Their offerings include digital wallets, instant issuance of deposit accounts, virtual cards, real-time payment (RTP) capabilities, cross-border transfers, digital lending, and cash management solutions.
The company plans to utilize the fresh capital to further enhance its innovative platform and expand its footprint in the embedded finance market. With a focus on reducing friction and driving efficiency, NovoPayment aims to solidify its position as a pivotal player in modernizing financial services across its operational markets, which span North America, Latin America, and the Caribbean.
Anabel Perez, CEO of NovoPayment, highlighted the company’s strategic vision, stating, “As the financial services landscape continues to evolve, we believe NovoPayment is well-positioned to compete in the embedded finance market by reducing friction and driving efficiency.” This vision is shared by investors and is reflective of the company’s mission to provide critical infrastructure that modernizes major banks and financial entities.
Pete Chung, MD and head of Morgan Stanley Expansion Capital, also commented on the investment. He noted, “The company’s mission-critical infrastructure enables the modernization of marquee banks and financial institutions in the region through a comprehensive, full-stack platform.”
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