Navro is all set for 2024 after Ireland and UK payment licenses

Rick Steves

“International payments are a pain point across a range of industries including e-commerce, marketplaces, and online platforms” which “need to cater for complex layers of incoming and outgoing payments, to and from large volumes of businesses and individuals, and across multiple jurisdictions.”

Payments solutions provider Navro, formerly known as Paytrix, has been authorized as an Electronic Money Institution (EMI) by the Central Bank of Ireland.

The EMI license allows businesses with global aspirations to utilize Navro’s services under EU regulations.

The newly secured EU license obtained from the Irish central bank joins Navro’s EMI license from the UK’s FCA to the fintech’s portfolio of regulatory authorizations.

Navro offers a payments curation platform via API

Founded in May 2022, Navro addresses the need for efficient international payment solutions through its payments curation platform, offering access to top payment services globally via a single platform, API, and contract.

Following its regulatory approvals in Ireland and the UK, Navro completed a funding round, raising USD 14 million from investors including Bain Capital and Unusual Ventures, to meet capital requirements and support growth.

The company has rebranded from Paytrix to Navro to reflect its broader mission beyond payments, aiming to simplify businesses’ expansion into new markets with its pioneering payment curation platform. Headquartered in London, Navro’s platform simplifies accessing global payment and banking infrastructure for online businesses expanding internationally.

“International businesses can now use our solution”

Aran Brown, CEO and Co-Founder of Navro, said: “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 for complex layers of incoming and outgoing payments, to and from large volumes of businesses and individuals, and across multiple jurisdictions. Getting the licenses in Ireland and the UK sets us up wonderfully for 2024 and means that international businesses can now use our solution to remove these headaches in a regulated environment.”

Ireland’s Minister for Finance, Michael McGrath, said, “I would like to congratulate the team at Navro on securing their EMI license 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.”

  • Read this next

    Fintech

    JonesTrading deploys FlexOMS for equities, eTrading, outsourced trading

    “Firstly, our aggressive timelines meant that we needed to work with a partner who understood our business and offered flexible yet powerful technology solutions to meet our requirements. That was essentially the baseline.”

    Digital Assets

    First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days

    Bitcoin Dogs has now raised a total of $3.1M in the first 6 days of its historic presale. The project’s BRC-20 token, 0DOG, is the first-ever ICO on the Bitcoin blockchain.

    Executive Moves

    iSAM Securities hires Aaron Brown for MENa expansion

    “Aaron’s wealth of experience in institutional sales, strong network and in-depth understanding of client requirements in the Middle East will help us to capitalize on recent client demand in the region, whilst delivering the same innovative, high-quality products and services we offer to all our clients globally.”

    Fundamental Analysis

    Global FX Market Summary: EUR, Fed Minutes February 21, 2024

    Hawkish Fed minutes could strengthen USD, dovish BoE hints could boost euro, mixed economic data leaves impact unclear, FOMC minutes release today holds the most weight.

    Digital Assets

    360T launches Crypto NDF offering

    “By launching our crypto offering with non-deliverable derivatives products, we are allowing our diverse, global client base to engage with the crypto market without the need to build or invest in Distributed Ledger Technology (DLT) infrastructure. Looking ahead, we will continue to work with our industry partners to expand 360T’s crypto.”

    Technical Analysis

    FTSE 100 index Technical Analysis Report 20 February, 2024

    The FTSE 100 index is likely to fall to support level 7600.00 after reversing from resistance level 7750.00.

    Retail FX

    Afterprime enhances trade reporting with PrimeXM and TRAction

    “This collaboration has made setting up EMIR and MIFIR reporting for our CySEC entity a breeze, allowing us to maintain our focus on providing best-in-class pricing and top-notch customer service.”

    Market News

    US Market Stocks See a Dip Ahead of FOMC Minutes Announcement

    As the financial world eagerly awaits the release of the Federal Open Market Committee (FOMC) meeting minutes scheduled for today, the S&P 500 index begins trading slightly lower, marking a subtle shift in market sentiment following a prolonged rally.

    Fintech

    Adaptive proves that “the future of finance is in the cloud”

    “While workloads have migrated to the cloud over the past decade, some have doubted whether its latency and fault tolerance can match that of on-premises solutions – our joint testing on Google Cloud, proves that this is the case.”

    <