Navro – the Fintech previously known as Paytrix that supports international payments for global businesses – reveals that it has been authorized by the Central Bank of Ireland as an Electronic Money Institution (EMI).
As per the terms of the license, businesses with international plans may benefit from Navro’s payments curation services under the protection of EU regulation.
Acquiring an EMI license from the Central Bank of Ireland indicates the importance Navro places on developing effective governance structure as the foundation for its payments network and infrastructure. In addition to the license, Navro has obtained an EMI license from the UK’s regulator, the Financial Conduct Authority.
Established back in May 2022, Navro introduced its curated payments solution to address a gap in the market for a streamlined global payment solution. Up until now, firms of all sizes looking to expand into new markets have faced challenges like managing a complex and demanding range of service providers, payment gateways as well as regulatory authorities.
In response to these requirements, Navro has launched the “first” payments curation platform — an infrastructure approach that offers access to the “best” payment services in every region of the world via a single platform, one API, and one contract.
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 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.”
Ireland’s Minister for Finance, Michael McGrath, said:
“I would like to congratulate the team at Navro on securing their EMI licence 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.”
After the successful license applications in Europe’s financial jurisdictions, Navro has finalized a funding round in order to boost its reserves and address the capital requirements of tier-one regulators, clients and banks.
Existing investors, which were reportedly led by Bain Capital and Unusual Ventures, and including Motive Partners, contributed $14 million via an investment round with participation from previous investors Fin Capital.
That contributed amount, along with the majority of funds retained from its Series-A round, means that Navro is adequately capitalized for business expansion.
As the firm looks ahead, it has also rebranded from Paytrix to Navro.
The new business identity comes after fast growth, and acknowledges that the firm is evolving to provide various other services (along with payments).
The Navro name represents the firms’ goal to assist clients with navigating their growth into new markets with efficiency