Paytrix Raises $18.3 Million To Simplify Global Payments

By Noah Long • Mar 30, 2023
  • Paytrix announced it has raised $18.3 million in funding.

Paytrix – a London-based fintech company that simplifies global payments for high-growth businesses – announced that it has raised $18.3 million in Series A funding. This funding will be used to drive product development and international expansion.

By using one platform, one contract, and one API, Paytrix’ payments curation solution offers access to the best payment infrastructure around the world. This reduces the inefficiency, cost and complexity of international payments. Other 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. And 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 several notable angel investors all also participating in both rounds.

Paytrix’ global payments solution is of particular relevance to online marketplaces. And analysts predict that up to 70% of online sales will happen on marketplaces by 2025. But many marketplaces are dealing with a number of obstacles in seizing this opportunity like inadequate regulatory capabilities, a lack of internal expertise, or the commercial relationships needed to evolve into a global platform from a regional one. By offering access to best-in-class payment providers around the world through one API, Paytrix’ curation layer eradicates these barriers.

Currently, Paytrix has a full in-house engineering team across multiple locations and a growing team in Ireland, which includes customer support and heads of finance, IT, and operations. And to fuel expansion across Europe, Ireland will become Paytrix’s center of global operations.

The Paytrix senior leadership team has deep industry expertise in financial services, fintech, and payments. The company co-founder and CEO Aran Brown contributed to the growth and sale of Travelex and Skrill to corporate buyers. And co-founder and CPO Eddie Harrison built market-leading global payment products at Western Union and Travelex. The CFO David Sola previously served as Managing Director at firms including Houlihan Lokey and UBS and was Partner at Softbank. Plus the team also includes CTO Ed Addario, who held the same role at Currencycloud, and Chief Compliance Officer Mike Southgate, who previously served in a similar position at Google.

KEY QUOTES:

“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.”

“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-caliber 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.”

— Aran Brown, CEO and Co-Founder of Paytrix

“Paytrix has assembled a world-class team with deep expertise in payments, fintech, and financial services. Not only does the team have a strong track record, they have a powerful vision for the future of global payments. We look forward to deeply supporting the Paytrix team as they build out their payments curation service to deliver on that compelling vision.”

— Lars Albright, General Partner at Unusual Ventures

“As ever more commerce moves online and businesses look to expand their global reach, we see a considerable market opportunity for Paytrix. There is a pressing need for best-in-class international payments infrastructure that can be easily integrated and managed without requiring huge specialist teams. Paytrix is forging something truly unique and we at Motive are thrilled to be part of their journey.”

— Ramin Niroumand, Partner at Motive 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.”

— Matt Harris, Partner at Bain Capital Ventures