Paytrix, an embedded payments company for fast-growing vertical software platforms, announced that it managed to raise $18.3 million in investment funds following the results of the Series A funding round.
Source: Pixabay.com
The news of the fundraising appeared a few weeks after the firm received a license from a payment institution in the UK. The Series A funding round was led by Motive Partners and Bain Capital Ventures.
The company provides access to several global payment products through one platform, one contract, and one API. The specialized payment service Paytrix allows you to solve many problems that a fast-growing business traditionally faces when interacting with international payment systems.
The company was founded by Travelex alumni Aran Brown and Eddie Harrison. Aran Brown says that from the point of view of a developing business, there is a significant imbalance in terms of access to the payment infrastructure. There are local solutions of limited scale and low level of efficiency and global providers whose services are available to large enterprises operating on an international scale. Aran Brown notes that start-up companies are experiencing difficulties with large volumes of international payments.
Paytrix is trying to solve the problem that a fast-growing business is forced to use the services of several payment companies, which involves high costs. This circumstance is a sore point for firms that are at the stage of rapid development.
Paytrix currently has a fully staffed engineering team in several branches and a growing team in Ireland that includes customer support and financial, information technology, and operations managers. The company intends to expand the scope of its activities in the European market.
Aran Brown says that before the financing round, the firm received many warnings that the current moment is not the most suitable for attracting investments. But the company still managed to establish interaction with high-class investors who have extensive experience in the field of fintech and e-commerce.
As we have reported earlier, Thunes Bags $30 Million in Ongoing Investment Round.
