US-based Aeropay has announced the raise of USD 20 million in Series B financing, aimed at further developing its Open Banking and A2A payments services. Following this announcement, the funding round was led by Los Angeles-based fintech venture capital firm Group 11, with participation from Chicago Ventures and Continental Investment Partners.

Aeropay will leverage the investment in order to further develop its Open Banking and account-to-account (A2A) payment services. In addition, the company will focus on meeting the needs, preferences, and demands of customers and clients in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well. More information on the funding round Aeropay represents a financial technology company that was developed in order to deliver Open Banking and A2A payment solutions for businesses and firms.

The company also provides a bank-driven payments network that aims to protect businesses against fraud, saves them money and funds, while also giving customers and clients an easy and secure way to pay. By leveraging its products, businesses also gain the possibility to offer cost-effective and fast digital payments to their users, both in-store and online. The USD 20 million investment comes at a time when Aeropay has experienced accelerated growth and development.

The company is expected to continue its strategy of optimising the manner in which businesses and partners move money in a more secure and affordable way by using its proprietary Pay-by-Bank technology. Aeropay’s platform was developed in order to connect bank accounts by leveraging Aerosync, a homegrown bank aggregator. The solution is set to enable customisable integrations through the use of a full suite of open APIs, while also minimising returns and fraud risks.

At the same time, the funds will be used in order to develop new product offerings, as well as optimise strategic partnerships and explore more greenfield opportunities. .