Navro Secures $41M Series B Funding to Accelerate Global Expansion in Cross-Border Payments FinTech
Navro, a London-based FinTech firm, is making waves in the international payments landscape by securing $41 million in a Series B funding round. This significant investment is geared towards enhancing its global growth strategy and expanding its innovative payment solutions for businesses around the world.
Funding Details and Investors
The recent funding round was spearheaded by Jump Capital, with notable participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures. The capital raised will be instrumental in scaling Navro’s operations and fortifying its global payments infrastructure.
Navro’s Innovative Payment Solutions
Navro operates a unique payments curation platform that simplifies access to local payment and banking services worldwide through a single API and contract. Key advantages of Navro’s platform include:
- Reduction in Working Capital Needs: Clients can reduce their working capital requirements by up to 70%.
- Real-Time Global Payouts: The platform supports immediate payments.
- Simplified Cross-Border Transactions: It eases the complexities of currency conversion and collection across borders.
Expansion Plans
With the newly acquired funds, Navro plans to broaden its market presence, targeting regions such as the U.S., Hong Kong, Dubai, and India. Upcoming initiatives include:
- Integrating over 30 digital wallets into its platform.
- Expanding ACH corridors.
- Introducing numerous new real-time payment options.
Focus on Compliance-Driven Industries
Navro is also committed to enhancing its licensing capabilities and support for compliance-focused sectors, including payroll, pensions, and supplier payments. Currently, the company services hundreds of major corporations and over 1,000 pension schemes, facilitating local collections in 35 countries and payouts in over 200 nations across 140 currencies. Remarkably, more than half of these transactions are completed in real-time or on the same day.
Leadership Insights
CEO Aran Brown emphasized, “Our vision is empowering businesses to transact like locals wherever they are. The Navro platform has been meticulously designed to manage the operational intensity and regulatory complexities associated with high transaction volumes.” He noted that the company’s next phase of expansion will venture into global financial hubs, responding to the demand for fast, cost-effective payouts in compliance-driven sectors.
Investor Confidence
Robert Hutchins, a partner at Jump Capital, expressed confidence in Navro’s approach, stating, “We’ve sought a payment platform that truly understands the intricacies of global payouts. Navro not only comprehends these complexities but is also developing the infrastructure needed to address them effectively.”
For more information about Navro and its payment solutions, visit their official website.
