London, 9 February, 2024: Navro, the pioneering fintech firm formerly known as Paytrix, has announced that it has been authorised as an Electronic Money Institution (EMI) by the Central Bank of Ireland. This allows fast-growth businesses with international ambitions to benefit from Navro's global payments curation services under the protection of European Union regulation. The company has also recently secured an EMI licence from the UK's regulator, the FCA. The importance Navro places on building a strong governance structure is evident in its efforts to secure licences from both Ireland and the UK.
Navro was founded in May 2022 to address the lack of efficient, cost-effective, and streamlined international payment solutions in the market.
Businesses expanding into new international markets often face the challenge of managing a diverse range of service providers, payment gateways, and regulatory authorities. In response to this, Navro developed the world's first payments curation platform, which provides access to the best payment services worldwide through one platform, one API, and one contract.
Aran Brown, CEO and Co-Founder of Navro, expressed the significance of the licences: "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, also applauded Navro's authorisation, highlighting the company's potential to develop its regulated business in the EU, the US, and beyond.
In addition to securing licences, Navro has completed a new funding round to increase its reserves and meet the capital requirements of regulators, clients, and banks. Existing investors, led by Bain Capital and Unusual Ventures, contributed a total of USD 14 million in an internal investment round. With this funding, along with funds from its Series-A investment round, Navro is well-positioned for growth. As the company enters a new phase of expansion, it has also rebranded from Paytrix to Navro, reflecting its evolution beyond payments to become a comprehensive solution for helping businesses navigate their growth into new markets.
About Navro: Headquartered in London, Navro aims to simplify the growth of online businesses in foreign markets. With its payments curation platform, Navro streamlines access to the best payment and banking infrastructure globally. By providing a single contract and API, Navro empowers businesses with speed and efficiency in their expansion efforts.