Pay-By-Bank solution provider for businesses, Aeropay, has raised $20m in Series B financing. Los Angeles-based fintech venture capital firm Group 11 led the round, with participation from Chicago Ventures and Continental Investment Partners.
The funding round comes at a time when Aeropay has experienced 10X revenue growth over the past year. It is now processing over $1bn in volume annually. Aeropay helps businesses move money faster, affordably and securely with its proprietary Pay-By-Bank technology.
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Aeropay: cash-flow profitable in Q4 2023
Aeropay’s platform seamlessly connects bank accounts using Aerosync, a homegrown bank aggregator. The platform enables customisable integrations via a full suite of open APIs. The commercial impact for businesses is significant, with industry-high approval rates while minimising return and fraud risk.
“Payments in most verticals operate on archaic systems filled with excessive fees and risks,” said Daniel Muller, founder, CEO, Aeropay.
“We’ve built a bank-driven payments network that protects businesses against fraud and saves them money. And it gives their customers an easy way to pay. Put simply, we are building the next-generation payments network.”
Aeropay has become a leader in account-to-account (A2A) payment solutions through a “compliance-first” strategy. This is focused on collaborating with banks, partners, and regulatory counterparts. The company experienced early success in highly regulated industries and is now expanding into new markets such as financial services, wellness, utilities, QSR and property management. Additionally, the new funds will be used to develop new product offerings, enhance strategic partnerships and explore greenfield opportunities.
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By GlobalDataMassive addressable market
“For years, we’ve searched for a company advanced enough to solve the pains and inefficiencies of the card payment market, arguably the last bastion of the traditional financial services industry,” said Dovi Frances, Founding Partner of Group 11. “Aeropay has tackled the most complex technological and compliance challenges. It makes them the most likely player to seize upon this massive addressable market.”
