London-based fintech startup Paytrix has secured $18.3 million series A funding round to solve the challenges of companies that struggle with large volumes of international payments.
The funding round was co-led by Unusual Ventures, Motive Partners and Bain Capital Ventures, Fin Capital, Better Tomorrow Ventures, Hambro Perks, ClockTower Ventures, The Fintech Fund, and D4 Ventures with participation from other angel investors.
Due to the complexity and cost of cross-border payments, Paytrix seeks to address the pain point for companies looking to scale.
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Speaking on the recent fund raised, Paytrix CEO and co-founder Aran Brown said, “High-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the markets. At one end you have inefficient local solutions, at the other, you have the tier-one global providers, inaccessible to all but the world’s biggest businesses. Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve”.
It is interesting to note that last year, Paytrix secured £5 million fund which was led by Hambro perks in order to scale its platform to help businesses curate their payments globally and optimise them for real growth. By building the curation layer for global payments, Paytrix is focused on using technology to fix the economic barriers to growth faced by global marketplaces.
The fintech startup currently has a full in-house engineering team across multiple locations and a growing team in Ireland, which includes customer support and heads of finance, IT, and operations. To fuel expansion across Europe, Ireland will become Paytrix’s center of global operations.
Founded in 2022 by experienced fintech operators with multiple successful exits, Paytrix wants to help businesses with the right payments solution to help them achieve their vision. The startup absorbs the risk, infrastructure build-out, and complexity that come with managing payments in-house, giving its clients more freedom to focus on their customers to grow their business.
The startup offers Payment Acceptance, Banking-as-a-Service, and Real-time Payout solutions to businesses spanning marketplaces, eCommerce, the gig economy, and Web 3. Behind Paytrix embedded payments technology is a team of payments and software experts who are more than consultants, with decades of experience spanning Google, Currency Cloud, PayPal, Western Union, Softbank, Paysafe, HyperWallet and Twitter. They are an integral part of the startup white-glove service that’s included with every solution.
Paytrix is a mission to make the complex simple, the messy clean, and to make scale accessible to every brand and platform.
