Navro, a London-based payments fintech, has successfully raised $41 million in its latest funding round. The company plans to use these funds to further its global expansion and develop an innovative crypto product aimed at enhancing international payments for businesses.
Founded in 2022 by Aran Brown and Eddie Harrison, Navro provides application programming interfaces (APIs) that enable businesses to send and receive international payments using multiple payment methods. These APIs allow companies to access a wide range of payment options, simplifying cross-border transactions.
Global Expansion and the Payroll Shift
Initially focused on marketplaces and ecommerce businesses, Navro has shifted its attention to the payroll space, which now constitutes 60% of its operations. The move comes as the company realizes the complexity many large businesses face when managing payroll in multiple jurisdictions. Navro now serves employer of record providers — businesses that help companies hire and manage employees internationally without the need to establish a local entity.
As Brown explains, “It becomes really complex for these massive corporate businesses to go and open local bank accounts in 55 different markets.” This shift has brought significant traction to Navro, allowing it to cater to large enterprises and pension administration companies looking for easier ways to manage payroll across borders.
Navro’s revenue model includes a fixed fee or percentage-based fee on each transaction, with a foreign exchange charge applied when relevant. While the company has yet to disclose exact revenue figures, it anticipates processing $2 billion in annualized payment volumes by the end of the year.
Key Investors and New Funding Round
Navro’s latest round of funding, which totals $41 million, was led by Jump Capital, with participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures. According to Brown, this funding values the company at over $100 million. As part of the deal, Robb Hutchins, a partner at Jump Capital, will join Navro’s board of directors, helping to guide the company’s future growth.
The startup had previously raised $38.9 million from investors, including Fin Capital and Better Tomorrow Ventures, positioning it to build upon its growth trajectory. The latest funding will help Navro expand its reach in global markets, strengthen its product offerings, and enhance its crypto product development.
Expansion Into Global Markets and Crypto Focus
Navro holds regulatory licenses in the UK and European Union and has recently become a registered payments platform in Canada. The company is also in the process of obtaining money transfer licenses in the US, signaling its commitment to becoming a significant player in North America.
With 35 local collection locations and the ability to handle payments in over 200 countries across 140 currencies, Navro is well-positioned to support businesses with international payroll needs. However, Brown has identified the US as a key area of focus and is also targeting Asia, particularly Dubai, Hong Kong, and India, for further expansion after the completion of its Series B funding round.
As part of its forward-looking strategy, Navro plans to integrate stablecoins — a type of cryptocurrency pegged to the value of fiat currencies — into its payments infrastructure by the end of 2024. This move aims to provide a cost-effective, efficient solution for moving payroll funds across borders. Brown sees a significant opportunity in the payroll side of the business to leverage stablecoins to reduce transaction costs and improve the speed of international payments.
Looking Forward: A Competitive Edge in Payments
With its focus on payments fintech and expanding its offerings into crypto product, Navro is well on its way to becoming a key player in the international payments landscape. The combination of its extensive network, innovative products, and commitment to improving the efficiency of cross-border transactions makes Navro a company to watch in the fintech space.
