Building on the success of the LatAm market, MiamiNew York-based fintech pioneer to drive US expansion
MIAMI, April 19, 2022 /PRNewswire/ — NovoPayment has announced that it has obtained $19 million in a Series A funding, led by Fuel Venture Capital and IDC Ventures, to further develop NovoPayment’s Banking-as-a-Service (BaaS) platform in existing markets and the United States. NovoPayment offers a comprehensive, multi-country and multi-currency cloud API platform that powers digital banking, payment and card solutions. The fintech pioneer is expanding 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 14 markets. In 2021, NovoPayment saw a 40% increase in customer growth, including partnerships with major financial players, such as Visa, Mastercard and IADB.
In addition to $19 million in new financing, this recent momentum positions NovoPayment for an even brighter future. The company plans to continue to increase capabilities, introduce new features, strengthen security, and capitalize on opportunities in the US market. Here’s a preview of what’s to come:
- Extension of the application network: NovoPayment expands its impressive network of over 60 partners, resulting in integrations designed to streamline product and service activation through open APIs.
- Talent acquisition and scaling operations: With current offices in Mexico, Colombia, Peru, Ecuadorand seat at MiamiNovoPayment is hiring more than 100 leading engineers, business development experts and product experts to lead its growth strategy and open centers in Austin and San Francisco.
- Accelerate growth in existing markets, with a focus on the United States and countries of Latin America and the Caribbean (LAKE): Enabling new flows of data and money is a top priority to help regional customers and NovoPayment unicorns in the US and LAC capture new value and enter new market segments. This includes gig economics, real-time payments, and cash/expense management opportunities.
“Expanding access to financial services, delivering new digital experiences, accelerating time to market and reducing IT costs depends on infrastructure,” said NovoPayment Co-Founder and CEO . Anabel Perez. “We are grateful to have investors who recognize our platform’s role in bridging the gap between banks’ legacy systems and the changing needs of their customers and enabling any business to manage and integrate innovative financial services into the end-user experience.”
As a Venezuelan-born entrepreneur with over 20 years of banking and payments experience, Perez knows first-hand the promise and challenges of expanding access to financial and payment services. In 2014, she and her team set out to transform the way financial services and payments were built and delivered in the Americas. By establishing NovoPayment’s registered office at Miamiknown as the “Capital of Latin America” and “the new gateway to the UNITED STATES“, it established itself very early in the LAC region, which today is a $7 billion fintech market.
“Novopayment is in a unique and advantageous position to thrive in today’s fintech revolution, as it is an extremely time-consuming and difficult undertaking to build a powerful end-to-end infrastructure and proprietary platform based on a API with a high level of connectivity like Novopayment,” said Maggie Vo, Chief Investment Officer and Managing General Partner of Fuel Venture Capital, who also joins the Board of Directors. “As a general partner, I am thrilled to support a company founded by women in securing one of the largest female funding rounds in the history of Miami.”
Today, as Silicon Valley players move to settle in South Florida, NovoPayment stands out as a native of the region. The company is part of Miami community and helped establish the city as a legitimate startup center in the eyes of investors.
“NovoPayment provides an unparalleled range of services and depth of technology under a single, vertically integrated technology stack. Additionally, the founding team’s extensive operational experience in banking and financial services provides advantages in both design and implementation. execution of complex solutions. In addition, NovoPayment is one of the few companies to have built a complete infrastructure and an activation platform operating successfully in the Americas. NovoPayment has established itself as an excellent investment opportunity for these reasons, and we are confident that it will soon become a leader in the field,” said Rodrigue Rodasmanaging partner at IDC Ventures.
The success of NovoPayment comes in a difficult climate for women entrepreneurs. In 2021, only 2% of VC funding went to all-female founding teams. Similarly, only 2% of venture capital funding that year went to companies whose founders were Latin American. However, with its successful Series A funding round, NovoPayment beats the odds and has more milestones on the horizon. To stay informed about new product updates and NovoPayment partnerships, visit novopayment.com/newsroom.
NovoPayment, a category leader in banking platforms as a service (BaaS), enables digital financial and transactional services to support diverse use cases. The company’s bank-grade solutions use APIs and other flexible delivery models to help banks, financial institutions, merchants, networks, marketplaces, neo-banks and other service providers financial institutions to leverage their existing systems to drive new deposits, transaction flows and customer experiences. .
For more information, visit novopayment.com and developer.novopayment.com.
About Fuel Venture Capital
Fuel Venture Capital is committed to propelling breakthrough ideas into world-changing businesses and democratizing access to the creative economy to shape the future of society. The firm’s “founder-centric, investor-focused” approach is led by a core team with over 60 years of combined experience in investment banking, wealth management, executive leadership and management. entrepreneurship. The fund has a portfolio of 33 companies based around the world across many industries, bringing a positive impact to virtually every corner of our modern economy. To learn more about Fuel VC, visit fuelventurecapital.com. Follow Fuel VC on social media via Twitter, Instagram and LinkedIn.
About IDC Ventures
IDC Ventures is a venture capital firm that invests in talented entrepreneurs with bold ambitions that drive innovation and digital disruption. IDC Ventures focuses on companies in the fintech industry, marketplace and digital platforms across Europethe United States and Latin America. IDCV is a fast growing platform that has backed amazing companies such as Curve, Bipi,
RecargaPay, Lunar, Securitize and many more. For more information, visit www.idcventures.com.