The digital transformation of banking and payments services has shown no signs of slowing down. Banking-as-a-service products like Unit and Bond have helped fuel the shift by allowing companies to quickly spin up new financial services.
The main focus of the Miami based startup is to offer its platform to customers in the Latin American market. The founder and CEO of the company said that it has developed a full-stack, multicurrency solution with three main categories.
The company was founded in 2007, and raised its Series A round earlier this year. The $19 million Series A is the first institutional fundraise for the company, which raised a seed round of undisclosed size from its own founders.
The Series A round was co-led by Fuel Venture Capital and the venture arm of Visa. Perez is a Latina female founder with venture backing, and less than 2% of venture dollars raised in 2021 went to all-female founding teams.
Anabel Perez is the founder and CEO of NovoPayment.
As of September last year 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 800-381-0266 Many of the company's current customers, which include banks and credit unions, are present in multiple markets.
They needed a single platform that would allow them to launch new use cases in more than one country.
The company saw its customer count grow by 40% last year and expects to see similar growth this year. The company's revenue is in the tens of millions of dollars and it is in good health, according to Perez.
The new funding will be used to gain new customers in the U.S. market, as Miami continues to grow as a hub for the financial services sector, according to Perez. She said that the funding will allow the company to add capabilities to its current product for customers in its existing markets and to add 100 new hires to its team.
Perez said that the main advantage in winning customers was the integration of NovoPayment. Financial services providers typically search for technology vendors one by one and only connect these services to one another later as the need arises, a practice that was adopted years ago and has continued over time.
It costs so much for them to keep and obtain their infrastructure and to be able to comply with regulators and standards.
Perez said that since its founding, the company has focused on building out a tech stack that ties all the critical processes together for financial institutions to build out their digital banking services. Customers don't need to connect with vendors outside of its cloud because its services are broad and unified.
Perez said that the company's product is better, faster, and more cost- efficient than that of competitors. She said that the setup that enables its customers to spin up a global bank in less than a month's time is a single tech stack that has no dependency on other models.
We have invested a lot of time designing and building this platform that not only serves the U.S. market, but also is proven and tested to serve an additional 30 markets across the Americas.
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