London-headquartered FinTech Paytrix has raised £14.8 million in Series A funding.
The company, which simplifies global payments for high-growth businesses, will drive product development and international expansion.
Through one platform, one contract and one API, Paytrix’s payments curation solution aims to provide access to the payment infrastructure around the world – reducing the inefficiency, cost and complexity of international payments.
In contrast, existing international payments solutions typically require businesses to source, negotiate and maintain a minimum of 10 to 15 partners, contracts and APIs.
Unusual Ventures, Motive Partners and Bain Capital Ventures co-led the Series A investment. Bain Capital Ventures participated in an earlier funding round in May 2022 with Fin Capital, Better Tomorrow Ventures, Hambro Perks, ClockTower Ventures, The Fintech Fund, D4 Ventures and a number of notable angel investors all also participating in both rounds.
Coming amid a global economic slowdown and a slump in investment into the FinTech space, the company says the size of the investment reflects the scale of the opportunity.
“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,” said Aran Brown, CEO.
“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.
“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 eCommerce, which will be invaluable as we build out the next phase of operations.”
Targeted at high-growth businesses, Paytrix’ global payments solution is of particular relevance to online marketplaces.
Paytrix currently has a fully in-house engineering team across multiple locations and a growing team in Ireland, which includes customer support and heads of finance, IT and operations. To fuel expansion across Europe, Ireland will become Paytrix’s centre of global operations.