Latina-Founded Banking Provider NovoPayment Raises $19 Million To Further Expand Platform

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Latinas are breaking the glass ceiling like never before, and NovoPayment is just a small sample of it. The Latina-founded banking service provider has raised $19 million for its next expansion.

As announced by the company in a press release, NovoPayment is building on market success in Latin America and will fuel its U.S. expansion. 

The Miami-based financial technology pioneer has raised enough money in a Series A financing, led by Fuel Venture Capital and IDC Ventures, to expand its Banking-as-a-Service (BaaS) platform in existing markets and the United States.

As Anabel Perez, founder of NovoPayment, explained to TechCrunch, NovoPayment is a Miami-based global BaaS startup focused primarily on offering its API platform to clients in the Latin American market. It has developed a complete multi-currency solution with three main categories: data banking, payment infrastructure, and card solutions.

Founded in 2007 by Perez and Oscar Garcia Mendoza, who now chairs NovoPayment’s board of directors, NovoPayment has had to rely on the help of its partners until it raised its Series A round earlier this year, the company announced last week.

Previously, its founders had raised an undisclosed seed round, but the $19 million Series A represents its first institutional fundraising.

As a Venezuelan-born entrepreneur with more than 20 years of experience in the banking and payments industry, Perez knows firsthand the promise and challenges of expanding access to financial and payment services. In 2014, she and her team set out to transform the way financial services and payments were built and delivered in the Americas. By establishing NovoPayment’s headquarters in Miami, known as the “Capital of LatAm” and “the new gateway to the U.S.,” she gained an early foothold in the LAC region, which is now a $7 billion fintech market.

“Expanding access to financial services, offering new digital experiences, increasing speed to market, and reducing IT costs all comes down to infrastructure,” said Perez in the press release. “We’re grateful to have investors who recognize our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs and enabling any business to manage and embed innovative financial services into their end-user experience.”

With this new capital injection, NovoPayment plans to continue growing its capabilities, introducing new features and functionality, increasing security, and taking advantage of opportunities in the U.S. market.

This new chapter will include expanding NovoPayment’s impressive network of more than 60 partners, which translates into integrations designed to streamline the enablement of products and services through open APIs. 

Similarly, this will facilitate enabling new data. Money flows are a top priority to help NovoPayment’s regional clients and unicorns in the U.S. and LAC capture new value and enter new market segments. This includes the gig economy, real-time payments, and cash/spend management opportunities.

Today, as Silicon Valley players move to set up shop in South Florida, NovoPayment stands out as a native of the region. The company is part of the Miami community and has helped the city become a legitimate startup hub in the eyes of investors.