Navro — the pioneering fintech firm formerly known as Paytrix that simplifies global payments for international businesses — today announces that it has acquired a Foreign Money Services Business (FMSB) registration in Canada.
The registration, which is issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), permits Navro to provide money transfer services to businesses in the country.
Navro's FMSB registration means that Canadian enterprises can now enjoy the benefits of its world-leading Payments Curation Platform under full regulatory protection. These services address the various cross-border payments challenges currently faced by businesses in Canada including high costs, lengthy delays, regulatory complexity, and the risk of poor customer experiences.
Navro removes the need for businesses to deal with a complex range of service providers, payment gateways and local regulatory authorities, providing immediate access to the best payment services in every region of the world through one platform, one API, and one contract, enabling businesses to grow at pace.
Aran Brown, CEO at Navro, said: "From the outset, the Navro vision has been centered on helping international businesses to transact like locals. With the acquisition of the FMSB registration, Canadian businesses can now carry out cross-border payments through a single, simple-to-use platform that delivers lower fees, faster execution and less friction than traditional approaches. We are excited to start work in the country and help Canada's businesses pursue their growth ambitions."
With the registration, Navro has expanded its footprint into North America and moved a step closer to its ultimate aim of building a complete, global payments platform on which businesses can receive and collect payments anywhere in the world using the most popular payment methods.
In addition, Navro has submitted an application to The Bank of Canada’s Retail Payments Activity Act to obtain a more comprehensive licensing footprint in Canada.
Navro has integrated gold-standard compliance into its operations, technology, and services from day one. As a result, the company has been able to grow into new markets rapidly, with its Canadian registration the third it has secured this year following licences granted in the UK and Ireland (EU). This growth strategy has been boosted by a USD 14 million internal investment round to satisfy the requirements of tier-one global regulators, announced earlier this year building on its series A investment round of USD 18.3 million in March 2023.