NovoPayment announced it has secured $19 million in Series A financing, led by Fuel Venture Capital and IDC Ventures, to further scale NovoPayment’s Banking-as-a-Service (BaaS) platform in existing markets and the US. NovoPayment offers a full-stack, multi-country, and multi-currency API cloud-based platform that powers digital banking, payment, and card solutions. The fintech pioneer is strengthening its footprint across the Americas to serve even more financial institutions, fintechs, neobanks, digital merchants, and acquirers. Over the past eight years, NovoPayment has expanded to reach 14 markets. In 2021, NovoPayment saw a 40% increase in client growth, including partnerships with major financial players, such as Visa, Mastercard, and IADB. In addition to the $19 million in new funding, this recent momentum positions NovoPayment for an even brighter future. The company plans to continue increasing capabilities, introduce new features and functionalities, heighten security, and capitalize on US market opportunities.
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. Also, NovoPayment is one of the few companies that has built a comprehensive infrastructure and enablement platform successfully operating in the Americas. NovoPayment, a category leader in Banking as a Service (BaaS) platforms, enables digital financial and transactional services to support various use cases. The company’s bank-grade solutions use APIs and other flexible delivery models to help banks, financial institutions, merchants, networks, marketplaces, neo banks, and other financial service providers to leverage their existing systems to generate new deposits, transaction streams, and customer experiences.