Navro secures FMSB registration to provide money transfer services to businesses in Canada
Navro (formerly known as Paytrix), a UK-based digital payments company, has been granted a Foreign Money Services Business (FMSB) registration in Canada issued by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC).
Navro has also secured licences in the UK and Ireland (EU) this year
Navro’s registration permits the company to offer money transfer services to businesses in the country.
Established in 2022, the company’s flagship offering is its Payments Curation Platform, designed to link businesses to global financial systems using a single API. The cross-border payments solution supports payouts in over 130 currencies, real-time and same-day payments across 60+ regions, and 24/7 transaction capabilities.
To fuel its future growth, the company secured $14 million in funding in February, led by Bain Capital and Unusual Ventures. This followed an $18.3 million Series A round completed in March 2023.
Navro’s Canadian registration marks its third regulatory approval this year after it also secured an EU Electronic Money Institution (EMI) licence from the Central Bank of Ireland and a UK EMI licence from the Financial Conduct Authority (FCA).
Moving forward, the paytech states it has also applied to The Bank of Canada’s Retail Payments Activity Act to attain a “more comprehensive licensing footprint in Canada”.
