Navro (formerly Paytrix) Authorised by Central Bank of Ireland to Provide EU-Regulated, Global Payments Services
Milestone in Building Gold Standard in Compliance Comes Amid Fresh Investment Round.
Navro – the pioneering fintech firm formerly known as Paytrix that simplifies global payments for international businesses – today confirms that it has been authorised by the Central Bank of Ireland as an Electronic Money Institution (EMI). Under the terms of the licence, fast-growth businesses with international ambitions can benefit from Navro’s global payments curation services under the protection of European Union regulation.
Securing an EMI licence from the Central Bank of Ireland confirms the importance Navro places on building a strong and effective governance structure as the foundation for its global payments network and infrastructure. In addition to the Irish licence, Navro also recently secured an EMI licence from the UK’s regulator, the FCA.
Founded in May 2022, Navro launched its curated payments solution to fill a gap in the market for an efficient, cost-effective, and streamlined international payment solution. Up to now, businesses of all sizes aspiring to expand into new international markets have been faced with managing a diverse, complex and demanding range of service providers, payment gateways and regulatory authorities.
In response, Navro has developed the world’s first payments curation platform — a new infrastructure approach that provides access to the best payment services in every region of the world through one platform, one API, and one contract.
“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.”
Welcoming the authorisation, 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.”
Following the successful licence applications in two of Europe’s major financial jurisdictions, Navro has also completed a new funding round to increase its reserves and satisfy the capital requirements of tier-one regulators, clients and banks. Existing investors, led by Bain Capital and including Unusual Ventures and Motive Partners, contributed a total of USD 14 million in an internal investment round. That sum, combined with the majority of funds retained from its Series-A investment round, means that Navro is well capitalised into 2026.
As the company looks ahead and executes its plans for expansion, it has also rebranded from Paytrix to Navro. The new brand comes off the back of rapid growth, and recognises that the business is evolving to offer more than just payments. The new name, Navro, represents the business’ mission to help customers navigate their growth into new markets, with speed and efficiency.