Paytrix secures USD 18.3 mln Series A funding

Through one platform, one contract, and one API, Paytrix’ payments curation solution provides access to its payment infrastructure, reducing the inefficiency, cost, and complexity of international payments. In contrast, existing international payments solutions typically require businesses to source, negotiate, and maintain a minimum of 10 to 15 partners, contracts, and APIs.

Coming amid a global economic slowdown and a slump in investment into the fintech space, the size of the investment reflects confidence in the ability of the Paytrix solution to solve an acute business problem and underlines the scale of the opportunity.

The pains of managing cross-border payments

Company officials said that high-potential companies struggle to cope with large volumes of international payments and there is a huge gap in the market — at one end you have inefficient local solutions, at the other, you have the tier-one global providers, inaccessible to all but the some of the world’s biggest businesses. Businesses have no option but to stitch together a costly and complex patchwork of service providers and this is the pain point that Paytrix is stepping in to solve.

Paytrix augments international payments

Targeted at high-growth businesses, Paytrix’ global payments solution is of particular relevance to online marketplaces. The company predicts that up to 70% of online sales will happen on marketplaces by 2025. But many marketplaces face a number of obstacles in seizing this opportunity — such as inadequate regulatory capabilities, a lack of internal expertise or the commercial relationships needed to evolve into a global platform from a regional one. By providing access to payments providers around the world through one API, Paytrix’ curation layer eradicates these barriers.

Paytrix currently has a fully in-house engineering team across multiple locations and a growing team in Ireland, which includes customer support and heads of finance, IT, and operations. To fuel expansion across Europe, Ireland will become Paytrix’s centre of global operations. Paytrix is actively hiring, particularly for business development roles, to ensure it can scale smoothly and quickly.