NovoPayment Raises $19M in Series A to Scale BaaS Plateform in US
NovoPayment has raised $19 million in a Series A round to scale its Banking-as-a-Serivce (BaaS) platform, the company said in a news release.
With the funding — and buoyed by a recent 40% increase in client growth — the Miami company says plans to "continue increasing capabilities, introduce new features and functionalities, heighten security, and capitalize on US market opportunities."
That means hiring more than 100 engineers, business development, and product experts while opening hubs in Austin and San Francisco. The company has offices in Mexico, Colombia, Peru, and Ecuador and is focusing on growing in the U.S., Latin America and the Caribbean.
"Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure," said NovoPayment 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."
Venezuela-born Perez and her team launched NovoPayment in 2014, setting up shop in Miami, which the company calls the "Capital of LatAm" and "the new entryway to the USA." In doing so, Perez got an early foothold in the Latin America/Caribbean region, which is now a $7 billion FinTech market.
The company says its success "comes amid a challenging climate for women entrepreneurs" noting that only 2% of venture capital funding last year went to all-female founding teams, with the same percentage going to firms with Latin American founders. However, with its successful Series A funding round, NovoPayment is beating the odds and has more milestones on the horizon.
Source: PYMNTS
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