Morgan Stanley makes $20m investment in NovoPayment to fuel product and commercial growth
Morgan Stanley Expansion Capital, the private investment division of Morgan Stanley Investment Management, has invested $20 million in Miami-based “vertical-focused” Software-as-a-Service (SaaS) platform NovoPayment.
NovoPayment lands $20m investment from Morgan Stanley
Founded in 2007, NovoPayment provides digital financial and payment infrastructure services to banks, fintechs, neobanks, and digital merchants across 15 markets in Latin America, the Caribbean, and the US.
NovoPayment’s API-based platform enables its customers to offer solutions including cash management services, digital wallets, cross-border remittances, real-time payments, digital loans, and instant issuance of deposit accounts and virtual cards.
According to Morgan Stanley, the fresh injection of funds will help drive NovoPayment’s scaling efforts, strengthen its commercial partnerships, and fuel further product development.
In 2022, NovoPayment closed a $19 million Series A funding round led by Fuel Venture Capital and IDC Ventures.
This latest investment follows Morgan Stanley Expansion Capital’s purchase of a “significant” stake in UK-based business payments fintech Sokin for a reported $31 million in July this year.
Sokin, established in 2019, offers local currency accounts and a multi-currency IBAN service via a single platform.
