Introduction to Navro
London-based Navro, a FinTech company, has announced a significant raise of €36 million in Series B funding. This investment will help accelerate the company’s global expansion plans and connect more local payout and collection services worldwide.
What Navro Does
Navro simplifies international payments for businesses by providing access to quality payment and banking infrastructure around the world, all through one contract and one API. The platform reduces the cost, complexity, and compliance burden of cross-border transactions, making it a trusted partner for global platforms and institutions in sectors such as payroll, pensions, and workforce management.
The Problem Navro Solves
Cross-border transactions can be complex and costly, with many businesses struggling to navigate the operational intensity and regulatory complexity surrounding large volumes of incoming and outgoing international transactions. Navro’s platform has been built from scratch to handle these challenges, empowering businesses to transact like locals wherever they are.
The Funding Round
The Series B funding round was led by Jump Capital, with participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures. Aran Brown, CEO of Navro, expressed his excitement about the investment, stating that the company’s vision is to empower businesses to transact like locals wherever they are.
Expansion Plans
With the new capital, Navro plans to expand its licensing footprint, integrate faster payment methods, and grow its support for customers in regulated industries. The company has spent the last three years building its foundation and is now ready to move even faster as it scales into new markets.
The Benefits of Navro
The Navro platform supports cross-border collections, currency conversion, and global payouts while reducing working capital requirements by up to 70%. Other benefits include lower costs, faster account reconciliation, and a reduced administrative burden. The platform is currently processing workforce and supplier payments for hundreds of large corporations and more than 1,000 pension schemes.
What the Investors Say
Robert Hutchins, partner at Jump Capital, shared his enthusiasm for Navro, stating that the company truly understands the nuanced, technical, and regulatory challenges of global payouts. He believes that Navro’s rare combination of deep market insight, executional rigor, and product clarity sets them apart in this space.
Conclusion
Navro’s significant funding raise is a testament to the company’s innovative approach to simplifying international payments for businesses. With its plans for expansion and growth, Navro is poised to make a significant impact in the FinTech industry. As the company continues to scale and develop its platform, it will be exciting to see how it shapes the future of cross-border transactions and empowers businesses to transact like locals wherever they are.
