Banking-as-a-Service Provider NovoPayment Raises $19M Series A

NovoPayment announced that it had secured $19 million in Series A financing, led By Fuel Venture Capital IDC Ventures, to further scale NovoPayment’s Banking-as-a-Service (BaaS) platform in existing markets and the US. NovoPayment provides a fully-integrated, multi-currency and cloud-based API cloud-based platform for digital banking, card solutions, and payment. The fintech innovator is expanding its presence in the Americas to better serve financial institutions, fintechs and digital merchants as well as acquirers.

NovoPayment’s reach has increased to 14 countries in the last eight years. NovoPayment experienced a 40% rise in client growth through partnerships with financial institutions such as Visa, Mastercard and IADB.

Additional to the $19 MillionNovoPayment’s recent momentum, which has received new funding, positions it for a brighter tomorrow. The company plans on continuing to expand capabilities, introduce new features, functionalities, increase security, and capitalize on US market opportunities. Here’s a peek at what’s ahead:

  • Application network expansion: NovoPayment’s impressive network of 60+ Partners is growing, which has resulted in integrations to simplify the provision of services and products via open APIs.
  • Talent Acquisition and Scaling Operations The current offices are located in Mexico, Colombia, Peru, Ecuador, and the headquarters in MiamiNovoPayment has hired over 100+ top-notch business development and product engineers to help it grow and open new hubs. Austin San Francisco.
  • Accelerating the growth of existing markets with a particular focus on the US or other countries Latin AmericaAnd the Caribbean (LAC): Enabling new data and money flows is a top priority for helping NovoPayment’s regional clients and unicorns in the US and LAC capture new value and enter into new market segments. This includes the gig economy and real-time payments.

“Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure,” said NovoPayment’s co-founder and CEO Anabel Perez. “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.”

Perez, a Venezuelan entrepreneur with over 20 years of experience in banking and payments, knows well the potential and challenges of expanding financial and other payment services. She and her team wanted to change the way financial services and payments were delivered in America. By establishing NovoPayment’s headquarters in Miami, known as the “Capital of LatAm” and “the new entryway to the USA,” she gained an early foothold in the LAC region, which is now a $7 Billion fintech market.

“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,”  Maggie Vo, Fuel Venture Capital’s Chief Investment Officer and Managing General Partner, who is also joining as a board member. “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.”

Silicon Valley is shifting to open a shop in today’s Silicon Valley. South FloridaNovoPayment is a local company. The company is part MiamiInvestors consider the city to be a true startup hub.

“NovoPayment provides an unparalleled breadth of services and depth of technology under a single, vertically integrated tech stack. In addition, the founding team’s extensive operating experience in banking and financial services provides advantages in both design and execution of complex solutions. NovoPayment has also been able to successfully operate in the Americas with a robust infrastructure and enablement platform. NovoPayment stood out as a great investment opportunity for these reasons, and we are confident it will soon emerge as a leader in the space, ” Rodrigo Rodas, managing partner at IDC Ventures.

NovoPayment’s success comes amid a challenging climate for women entrepreneurs. Only 2% (2021) of VC funding went towards all-female founder teams. The same goes for Latin American founders, who received only 2% of VC funding in that year. NovoPayment has achieved success with its Series A funding round and is on track for more milestones. Stay informed about new products and partnerships from NovoPayment by visiting www.novoPayment.com novopayment.com/newsroom.

 

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