Navro obtains an EMI licence in Ireland

UK-based fintech Navro (formely Paytrix ) has secured an Electronic Money Institution licence from the Central Bank of Ireland

UK-based fintech Navro (formely Paytrix ) has secured an Electronic Money Institution licence from the Central Bank of Ireland. This authorisation allows Navro to offer its global payments curation services to fast-growing businesses with international aspirations while adhering to European Union regulations.

Securing an EMI licence from the Central Bank of Ireland underscores Navro's commitment to establishing a strong governance structure for its global payments network and infrastructure. Additionally, Navro has recently obtained an EMI license from the Financial Conduct Authority (FCA) in the United Kingdom. Founded in May 2022, Navro introduced its curated payments solution to address the need for an efficient and cost-effective international payment platform.

Prior to Navro's offering, businesses seeking expansion into international markets encountered challenges managing various service providers, payment gateways, and regulatory requirements. Navro's solution offers access to leading payment services worldwide through a single platform, API, and contract. In the company press release, officials from Navro brought up the significance of simplifying international payments for industries such as ecommerce, marketplaces, and online platforms.

They also highlighted the complexities businesses face with multiple payment channels and regulatory jurisdictions, stating that Navro's licenced solution provides a regulated environment to address these challenges. Ireland's Minister for Finance, Michael McGrath, commended Navro on securing its EMI license, noting the importance of innovative companies in Ireland's business landscape. Navro's most recent funding rounds With successful licence acquisitions and to meet regulatory and client demands, Navro has completed a new funding round totalling USD 14 million.  Led by Bain Capital and Unusual Ventures, existing investors, including Motive Partners and Fin Capital, contributed to the funding.

Navro has also rebranded from Paytrix to Navro as part of its growth strategy, reflecting the company's evolution beyond payment services to assist businesses in navigating international expansion efficiently. When it was still named Paytrix, in March 2023, the company raised USD 18.3 million in Series A funding to drive product development and international expansion. At the time, coming amid a global economic slowdown and a slump in investment into the fintech space, the size of the investment reflected confidence in the ability of the Paytrix solution to solve an acute business problem and underlined the scale of the opportunity.

Headquartered in London, Navro aims to simplify international business growth by providing access to global payment and banking infrastructure through its unified platform. .

Feb 09, 2024 15:03
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