NovoPayment, a Latino-founded banking-as-a-service provider, has raised $19m in Series A funding.
The round was led by Fuel Venture Capital and IDC Ventures and will be used to further scale NovoPayment’s BaaS platform in existing markets and the US.
NovoPayment offers a full-stack, multi-country, and multi-currency API cloud-based platform that powers digital banking, payment and card solutions. The FinTech said it is strengthening its footprint across the Americas to serve even more financial institutions, FinTechs, neobanks, digital merchants, and acquirers.
Over the past eight years, NovoPayment has expanded to reach 14 markets. In 2021, the company said it saw a 40% increase in client growth, including partnerships with major financial players, such as Visa, Mastercard, and IADB.
Anabel Perez, NovoPayment’s co-founder and CEO, said, “Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure. We’re grateful to have investors who recognize our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs and enabling any business to manage and embed innovative financial services into their end-user experience.”
Maggie Vo, Fuel Venture Capital’s chief investment officer and managing general partner, who is also joining as a board member, said “Novopayment is in a very unique and advantageous position to thrive in the current FinTech revolution since it is an extremely time-consuming and challenging endeavor to building a powerful end-to-end infrastructure and a proprietary API-based platform with high level of connectivity like Novopayment. As a female general partner, I am excited to support a female founded company in securing one of the largest female rounds in the history of Miami.”
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