US-based fintech startup NovoPayment has raised $19m in a Series A funding round led by Fuel Venture Capital and IDC Ventures.
The fintech will use the proceeds to expand its banking-as-a-service (BaaS) to serve more financial institutions, fintechs, neobanks and digital merchants.
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It also aims to increase capabilities, update its product portfolio, and bolster security to capitalise on the growth opportunities in the US and countries in Latin America and the Caribbean (LAC).
NovoPayment offers a full-stack API cloud-based platform that powers digital banking, payment and card solutions.
Additionally, as part of the expansion plans, NovoPayment is enhancing its network of partners and hiring over 100 engineers, business development, and product experts.
NovoPayment co-founder and CEO Anabel Perez said: “Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure.
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By GlobalData“We are grateful to have investors who recognise our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs and enabling any business to manage and embed innovative financial services into their end-user experience.”
With headquarters in Miami, Florida, and offices in Mexico, Colombia, Peru and Ecuador NovoPayment is looking to open hubs in Austin and San Francisco.
Fuel Venture Capital chief investment officer and managing general partner Maggie Vo said: “Novopayment is in a very unique and advantageous position to thrive in the current fintech revolution since it is an extremely time-consuming and challenging endeavour to building a powerful end-to-end infrastructure and a proprietary API-based platform with high level of connectivity like Novopayment.”
Maggie Vo will also join the board of NovoPayment.
IDC Ventures managing partner Rodrigo Rodas said: “NovoPayment provides an unparalleled breadth of services and depth of technology under a single, vertically integrated tech stack. In addition, the founding team’s extensive operating experience in banking and financial services provides advantages in both design and execution of complex solutions.”
