Paytrix, an embedded payments fintech for businesses, has raised $18.3m in a series A funding round to drive product development and international expansion.
Unusual Ventures, which participated in a £5m pre-seed round last year, along with Motive Partners and Bain Capital Ventures co-led the funding round for UK-based Patrix.
They have invested in a fintech that aims to reduce the “inefficiency, cost and complexity” of international payments through a single API.
The fintech’s solution is targeted at high-growth businesses and online marketplaces, which have been tipped to account for up to 70% of online sales by 2025.
Paytrix’s funding news comes on the back of the fintech obtaining a payments institution licence in the UK. This approval means it can provide FX, remittance and local payment services.
The fintech has also chosen Ireland as its centre of global operations, ahead of a planned expansion across Europe.
Explaining Paytrix’s aim in his comments on the series A funding round, the fintech’s chief executive officer and co-founder, Aran Brown, said: “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.”
Matt Harris, partner at Bain Capital Ventures, commented: “The complexity and cost of cross-border payments has long been a major pain point for companies looking to scale, and Paytrix’s 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 as they expand their solution to businesses around the world.”