Fintech

FinTech Aeropay Raises $20 Million in Series B Funding

Published

8 months ago

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By Delisha Fernandes

Today

  • A2A payment
  • Aeropay
  • Fintech news

This was announced by Aeropay, a provider of Pay-By-Bank solutions for businesses $20 million in Series B funding. Group 11, a Los Angeles-based FinTech venture capital firm, led the round, with participation from Chicago Ventures and Continental Investment Partners.

Aeropay’s platform seamlessly connects bank accounts using Aerosync, a local banking aggregator the company announced today. The platform enables customizable integrations via a comprehensive suite of open APIs. The business impact for businesses is significant, with high approval rates in the industry, minimizing returns and fraud risk.

“Payments in most verticals operate on archaic systems filled with excessive fees and risk,” he said Founder and CEO of Aeropay Daniel Muller. “We’ve created a bank-led payments network that protects businesses from fraud, saves money and gives customers an easy way to pay. Simply put, we are building the next generation payments network.”

Aeropay has become an account-to-account (A2A) payment solution through a “compliance-first” strategy focused on collaboration with banks, partners and regulatory counterparties. The company has found early success in highly regulated industries and is now expanding into new markets such as financial services, wellness, utilities, QSR and property management. Additionally, the new funds will be used to develop new product offerings, strengthen strategic partnerships and explore greenfield opportunities.

“For years we have searched for a company advanced enough to solve the problems and inefficiencies of the card payments market, arguably the last bastion of the traditional financial services industry,” he said Dovi FrancescaFounding Member of Group 11. “Aeropay has faced the most complex technology and compliance challenges, making it the most likely player to capture this huge addressable market.”

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