Payments fintech Navro acquires first US licence
Navro, the London-headquartered fintech that simplifies international payments for businesses, has secured its first US money transmitter licence.
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The Delaware licence means that Navro can now operate under full regulatory governance in the state, providing US firms access to its payments curation platform.
The technology is designed to address the various cross-border payments challenges currently faced by businesses in the US, such as the high transaction costs and lengthy timescales associated with Swift.
It claims to provide access to the best payment services through one platform, one API, and one contract, removing the need for businesses to deal with a complex web of providers, gateways and local regulatory authorities.
Navro, which raised $41 million in Series B funding earlier this year, has already secured licences in Canada and the European Union. It is now targeting Apac and the Middle East.
Aran Brown, CEO, Navro, says: "The Delaware approval underlines our commitment to achieving licences within robust regulatory guard rails. It also initiates the process of extending Navro's footprint across the US.
"Strategically we are laser-focused on ensuring that the gold-standard compliance that we've built into our platform extends into every new region and relationship."
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