London-based Navro (previously Paytrix), a fintech firm that simplifies global payments for international businesses, announced on Friday that it has gained authorisation as an Electronic Money Institution (EMI) from the Central Bank of Ireland.
In addition to the Irish licence, the London-based company recently secured an EMI licence from the UK’s regulator, the FCA.
Now, the fintech company’s global payment curation services are available to fast-growth businesses with international ambitions under the protection of EU regulations.
Welcoming the authorisation, Ireland’s Minister for Finance, Michael McGrath, says, “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.”
Internal funding round
In addition to acquiring license applications, Navro has secured $14M (approximately €13M) in an internal investment round led by Bain Capital and Unusual Ventures, including Motive Partners, with participation from prior investors Fin Capital.
The funds will be used to increase its reserves and meet the capital requirements of tier-one regulators, clients, and banks.
Navro: Simplifies global payments for international businesses
Founded in 2022, Navro aims to help online businesses navigate their growth into foreign markets.
Previously, companies looking to expand globally had to navigate complex payment and regulatory systems, working with multiple service providers.
The company has developed a payments curation platform. This new infrastructure approach provides access to the best payment services in every region through one platform, one API, and one contract.
Navro says it is more efficient and cost-effective and provides a streamlined international payment system.
Aran Brown, CEO and Co-Founder of Navro, says, “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 to 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. It means that international businesses can now use our solution to remove these headaches in a regulated environment.”
Read the orginal article: https://siliconcanals.com/news/startups/navro-gets-uk-ireland-emi-licences/