Paytrix Receives $18,3 Million In Series A Funding

Paytrix, an embedded payments company for high-growth vertical software platforms, has raised $18.3 million in Series A funding just weeks after getting a Payments Institution license in the UK.

Paytrix’s curated payments service helps high-growth businesses deal with complicated international payment systems by giving them access to multiple global payment products through one platform, one contract, and one API.

Aran Brown and Eddie Harrison, who used to work at Travelex, started the company.

CEO Brown of Paytrix explains the business idea:

“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 has an in-house engineering team that works in multiple places, as well as a growing team in Ireland that includes customer service and the heads of finance, IT, and operations. Ireland will become the center of Paytrix’s global operations. This will help the company grow in Europe.

The Series A investment was led by three groups: Unusual Ventures, Motive Partners, and Bain Capital Ventures. In May 2022, Fin Capital Ventures, Better Tomorrow Ventures, Hambro Perks, ClockTower Ventures, The Fintech Fund, D4 Ventures, and a number of well-known angel investors all took part in an earlier round of funding.

Brown says:

“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.”