Paytrix, an embedded payments company for high-growth vertical software platforms, today announces that it has secured £5 million of new capital.
The investment round was led by Hambro Perks, an international investment firm focused on private investing, alongside investment from Bain Capital Ventures, Fin VC, Better Tomorrow Ventures, The Fintech Fund and a number of notable angel investors.
Global businesses are forced to navigate complex payment infrastructures, high costs, growth-hampering payment acceptance challenges, and an ever-shifting regulatory framework. Meanwhile, new payment ecosystems continue to emerge and create new opportunities, but remain fragmented across different geographies, and inaccessible to all but the largest businesses. As the global payments market continues to grow, with more than $2.5 trillion of revenues estimated by 2025, Paytrix is on a mission to be the preeminent provider of end-to-end payment solutions for software businesses that want to eliminate the friction of scaling or growing new markets.
Paytrix’s all-in-one, the full-stack solution provides a payments curation layer that enhances payments infrastructure as businesses grow, helping them to scale smoothly. Its technology absorbs the risk, infrastructure buildout, and complexity that come with managing payments in-house, providing businesses more freedom to focus on growth.
Paytrix offers Payment Acceptance, Banking-as-a-Service and Real-time Payout solutions to businesses spanning marketplaces, eCommerce, the gig economy, and Web 3.
Behind Paytrix’s payments curation technology are a team of payments and software experts with decades of experience spanning Currency Cloud, Western Union, Google, Softbank, Twitter, PayPal, Paysafe, and HyperWallet. Today’s investment will help Paytrix scale its platform to help businesses curate their payments globally and optimise them for real growth.
Aran Brown, Paytrix, said “Very early in our journey, we recognised there was a real challenge in how growing businesses navigate the fragmented global payments ecosystem - much like in the consumer market there has been a great unbundling of financial services that have improved choice but created greater complexity. We believe the answer to this is curation and not orchestration - a deeper set of connections that can support not only complex payment flows, but those same flows across multiple geographies and payment types. We are thrilled that this vision resonated with such a prestigious group of investors and industry leaders.”
George Davies, Partner at Hambro Perks, said: “By building the curation layer for global payments, Paytrix is focused on using technology to fix the economic barriers to growth faced by global marketplaces. We are excited to back an approach that is top-down and delivers cross-border payments, fiat and non-fiat, and scale economics; Paytrix offers a payments solution for the CEO and CFO, with the robust technology foundations required for scale and resilience. This is a bold ambition and we believe that Aran, Eddie and the Paytrix team have the vision and expertise necessary to deliver.”
Matt Harris, Bain Capital Ventures, said “At BCV, we are constantly seeking visionary founders that want to create seismic changes in the way the payment ecosystem operates, and we found this with the Paytrix team. We have invested in a number of marketplaces and vertical platforms and have seen first-hand the challenge of payment fragmentation and how it can limit their growth globally. We are excited to see this challenge being tackled in a meaningful way.”
Logan Allin, Managing Partner at Fin VC, said: "Global payment orchestration remains fragmented and inefficient, and we believe in Paytrix’s vision for solving these hard problems at scale for global brands. Aran and Eddie are proven operators and are executing at a record pace - we are excited to roll up our sleeves with them."
By on Tue, 18 Oct 2022 12:46:00 GMT
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