Navro, the London-headquartered fintech that simplifies international payments for businesses, has raised $41m in a Series-B funding round to jump start global expansion.
Jump Capital led the round with participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures.
The fresh capital will be used to expand operations into more US states, Dubai, Hong Kong and India. In the coming months, the Navro payments curation platform - which provides access to the local payment services through one platform, one API, and one contract - will integrate 30+ digital wallets, more ACH corridors, and dozens of new real-time payment options.
Aran Brown, CEO of Navro, says: “Our vision is empowering businesses to transact like locals wherever they are. The Navro platform has been built from scratch to handle both the operational intensity and regulatory complexity surrounding large volumes of incoming and outgoing international transactions. The next round of expansion goes into and beyond the world's financial hubs. We're seeing increasing demand for fast, reliable cost-effective payouts on local rails in compliance-driven sectors such as global workforce and supplier payments, and pensions.“
Navro clients can collect funds locally in 35 locations, and hold, convert and make payouts in more than 200 countries and 140 currencies. Navro is now processing workforce and supplier payments for hundreds of large corporations and more than 1,000 pension schemes.
“With this new capital, we’re expanding our licensing footprint, integrating faster payment methods, and growing our support for customers in regulated industries,” says Brown. “We’ve spent the last three years building the foundation and now this round provides us the resources to move even faster as we scale into new markets.”