London-based fintech startup Navro, which simplifies global payments for high-growth businesses, has raised $41 million in a Series B funding round led by Jump Capital, with support from Bain Capital Ventures and Motive Ventures.
- Founded in 2022 by Aran Brown and Eddie Harrison, Navro simplifies international payments for high-growth businesses through a curated global payments platform.
- The company offers a single API, one contract, and one platform that provides access to best-in-class payment infrastructure worldwide, eliminating the need to manage multiple providers, contracts, and integrations.
- Navro enables fast and efficient global payouts to over 200 countries in more than 140 currencies, along with comprehensive collections capabilities, including named and virtual accounts across over 35 regions.
- By reducing foreign exchange fees, simplifying reconciliation processes, and enabling faster settlement, Navro helps businesses manage international payments more efficiently.
- The platform is particularly useful for online marketplaces, payroll and pension services, and e-commerce operations that need to handle cross-border transactions at scale.
- In 2023, Navro raised $18.3 million in Series A funding to expand its global payments platform, simplifying cross-border transactions for high-growth businesses. The round was led by Unusual Ventures, Motive Partners, and Bain Capital Ventures.
Details of the deal
- The investment was led by Chicago-based VC Jump Capital, alongside existing investors California's Bain Capital Ventures, Unusual Ventures, and New York's Motive Ventures.
- Navro will use the €36 million funding to expand into new markets such as the US, Dubai, Hong Kong, and India, grow its licensing coverage, and add support for more payment methods, including digital wallets and ACH corridors.
"This funding will enable Navro to accelerate global expansion plans, extending operations into the USA and Hong Kong and other exciting growth markets, while connecting more local payout and collection services worldwide," Navro's team, stated on LinkedIn.
- The funding will also help improve service for regulated industries like payroll and pensions.
