Aeropay, a provider of Pay-By-Bank solutions for businesses, announced $20 million in Series B funding. Fintech venture capital firm Group 11 led the round, which also included Chicago Ventures and Continental Investment Partners.
This funding round comes as Aeropay has experienced 10X revenue growth over the past year and is processing over $1 billion in volume annually. Aeropay, which helps businesses move money faster, affordably, and securely with its proprietary Pay-By-Bank technology, reached cash-flow profitability in Q4 of 2023.
Aeropay’s platform connects bank accounts using Aerosync, a homegrown bank aggregator that the company also announced. The platform enables customizable integrations via a full suite of open APIs. The commercial impact for businesses is significant, with industry-high approval rates while minimizing return and fraud risk.
Aeropay has become a leader in account-to-account (A2A) payment solutions. Its compliance-first strategy focuses on collaborating with banks, partners, and regulatory counterparts.
The company also experienced early success in highly regulated industries and is now expanding into new markets such as financial services, wellness, utilities, QSR and property management. And these new funds will be used to develop new product offerings, enhance strategic partnerships and explore greenfield opportunities.
KEY QUOTES:
“Payments in most verticals operate on archaic systems filled with excessive fees and risks. We’ve built a bank-driven payments network that protects businesses against fraud, saves them money, and gives their customers an easy way to pay. Put simply, we are building the next-generation payments network.”
– Aeropay Founder and CEO Daniel Muller
“For years, we’ve searched for a company advanced enough to solve the pains and inefficiencies of the card payment market, arguably the last bastion of the traditional financial services industry. Aeropay has tackled the most complex technological and compliance challenges, making them the most likely player to seize upon this massive addressable market.”
– Dovi Frances, Founding Partner of Group 11
