UK fintech Paytrix lands $18.3m in Series A funding round
Paytrix, a London-based payments fintech for businesses, has raised $18.3 million in a Series A funding round, co-led by Unusual Ventures, Motive Partners and Bain Capital Ventures.
The Series A follows a pre-seed funding round held last year, when it raised £5 million.
Founded last year, Paytrix aims to provide online businesses with a payments platform via one API, and eliminate obstacles businesses face, such as inadequate regulatory capabilities, a lack of internal expertise and commercial relationships needed to scale.
With the fresh funding, Paytrix plans on investing in product development and expand across Europe, with the intention of making Ireland its “centre of global operations”. The money will also go towards hiring for business development roles.
“High-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the market — at one end you have inefficient local solutions; at the other, you have the tier-one global providers, inaccessible to all but the world’s biggest businesses,” says Aran Brown, CEO and co-founder of Paytrix.
“Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve.”
In November, the UK start-up appointed David Sola as its new chief financial officer (CFO) to help shape its growth strategy.