Navro secures $14m after getting EMI licence in Ireland

12 Feb 2024

Ireland's Minister for Finance Michael McGrath, TD and Navro Ireland CEO Joe Redmond. Image: Navro

The fintech is aiming for rapid expansion after securing two e-money licences, raising fresh funds and rebranding its business.

Navro – the fintech formerly known as Paytrix – has raised $14m to expand its operations after securing a key license from the Central Bank of Ireland.

The funding round was led by Bain Capital and Unusual Ventures and will support the company as it gears up for expansion. The UK and Irish-based company received electronic money institution (EMI) authorisation from the Central Bank.

Navro said this EMI designation will further solidify its position in helping online companies simplify international payments. The licence will allow Navro to provide its e-money services “under the protection of European Union regulation”.

The company launched in 2022 to “fill a gap in the market” for an efficient and streamlined international payments platform. Navro claims its payments curation platform gives customers access to the best payment services in every region of the world through one platform, one API and one contract.

As well as securing the e-money licence in Ireland, Navro said it also secured a similar licence from the UK’s Financial Conduct Authority (FCA).

“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,” said Navro CEO Aran Browne. “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 licences 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.”

Navro said its decision to rebrand from its former name – Paytrix – comes off the back of rapid growth and its decision to offer more than just payments. The company said the latest funding round means it is “well capitalised” into 2026.

Last year, Navro raised €16.7m and chose Ireland as its EU base of operations before launching a hiring spree to expand its operations, the Independent reported. In August 2023, the fintech appointed Joe Redmond to lead its Irish operations and push its expansion plans across Europe.

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Leigh Mc Gowran is a journalist with Silicon Republic