London-based fintech Paytrix has raised a $18.3 million Series A funding round which will drive product development and international expansion.
The round was co-led by Unusual Ventures, Motive Partners and Bain Capital Ventures. Fin Capital, Better Tomorrow Ventures, Hambro Perks, ClockTower Ventures, The Fintech Fund, D4 Ventures and some angel investors backed Paytrix again, having participated in the last round with Bain Capital Ventures.
"Paytrix is addressing a critical need for businesses operating in an international marketplace. The complexity and cost of cross-border payments has long been a major pain point for companies looking to scale, and Paytrix’ solution neatly tackles these challenges. We believe there is a global need for this kind of payments infrastructure and we're excited to continue our support of Paytrix as they expand their solution to businesses around the world,” says Matt Harris, Partner at Bain Capital Ventures.
The payments platform which makes payments more efficient is targeting the high-growth business market. It is eyeing International expansion and with a growing team in Ireland it will make Ireland its centre of global operations.
“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. 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," says Aran Brown, CEO and co-founder of Paytrix.
“People have been telling us that this is the worst time to raise funding in 20 years. Given that backdrop, we’re delighted to have attracted such high-calibre investors. They bring a wealth of experience in fintech and e-commerce, which will be invaluable as we build out the next phase of operations," he adds.