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