Paytech start-up Aeropay raises $20m Series B for platform and partnership development
Aeropay, a business payment solutions start-up based in Chicago, US, has secured $20 million through a Series B funding round to “develop new product offerings, enhance strategic partnerships and explore greenfield opportunities”.
Aeropay lands $20m in Series B financing
The round was led by Los Angeles-based fintech venture capital firm Group 11, and supported by Chicago Ventures and Continental Investment Partners.
Claiming to have experienced “10X revenue growth” over the last year, while also tipping into cash-flow profitability in Q4, Aeropay says it will use the funds to tap new markets, citing a specific focus on financial services, wellness, utilities, quick service restaurants and property management.
In tandem with the funding announcement, the company has unveiled its new “homegrown bank aggregator” named Aerosync. This aggregator integrates with its API-driven platform launched in 2018 that facilitates account-to-account (A2A) payments for businesses.
Speaking on these latest developments, CEO and founder Daniel Muller says Aeropay is building a bank-driven “next-generation payments network”, capable of mitigating fraud risks and cultivating savings for businesses, while ultimately providing their customers with “an easy way to pay”.
The company’s penchant for collaborating with banks, partners, and regulatory counterparts has most recently been noted through its partnership with Texas-based UBank in October, aimed at simplifying payment processes for the gaming industry.
