Paytrix, an embedded payments company for high-growth vertical software platforms, has raised $18.3 million in Series A funding just weeks after securing a Payments Institution licence in the UK.
By providing access to multiple global payment products through one platform, one contract and one API, Paytrix’s curated payments service resolves many of the difficulties high growth business find in dealing with convoluted international payments systems.
The company was founded by former Travelex alumni Aran Brown and Eddie Harrison.
Paytrix CEO Brown explains the business proposition: “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.”
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.
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.
Says Brown: “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.”