The digital revolution of banking and payments services is a ferocious trend that shows no signs of abating. Banking-as-a-service (BaaS) technologies like as Synapse, Unit, and Bond have aided the change by allowing businesses to swiftly launch new financial services via APIs.
NovoPayment is a Miami-based worldwide BaaS firm that has mostly concentrated on providing its API platform to customers in the Latin American market. Anabel Perez, the company’s founder and CEO, informed reporters that it has created a full-stack, multicurrency system with three primary categories: data banking, payment infrastructure, and card solutions.
NovoPayment, which was founded in 2007 by Perez and Oscar Garcia Mendoza, who currently serves as chairman of the board, had been bootstrapped from its creation until it raised its Series A investment earlier this year, the firm revealed today. It previously received an unknown seed round from its founders, but the $19 million Series A is its first institutional fundraise, according to Perez, who worked as a banker in Venezuela for two decades before founding NovoPayment.
According to the company, Fuel Venture Capital and IDC Ventures co-led the Series A round, which was joined by Endeavor Catalyst (the venture firm Endeavor’s co-investment vehicle) and Visa’s venture arm. The fundraising is also a personal success for Perez, who is a Latina female entrepreneur with venture funding; according to Pitchbook statistics, fewer than 2% of venture funds received in 2021 went to all-female founding teams.
As of September last year, over 85 percent of NovoPayment’s clients were in Latin America, including Venezuela, Chile, Columbia, Peru, and Mexico, with the remaining 15 percent in the United States, according to PaymentsDive. While Perez did not offer an update, she did say that many of the company’s 50 existing clients, which include banks and credit unions, are present in various markets.
“They needed a single platform to enable them launch these new use cases in more than one nation,” Perez explained.
Last year, the company’s client base increased by 40% and it expects similar growth this year. Its income is in the tens of millions of dollars, and the firm is in “very excellent shape,” according to Perez, who did not disclose any financial details.
To read our blog on “UK Fintech Leatherback raised $10M for cross-border payments platform”, click here.
