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Aeropay announces $20M in Series B financing

Monday, May 20, 2024 — 12:50:03 (EDT)

CHICAGO, May 16, 2024 /PRNewswire/ -- Aeropay, a leading provider of Pay-By-Bank solutions for businesses, today announced $20 million in Series B financing. Los Angeles-based fintech venture capital firm Group 11 led the round, with participation from Chicago Ventures and Continental Investment Partners.

Aeropay CEO Dan Muller

The funding round comes at a time when Aeropay has experienced 10X revenue growth over the past year and is processing over $1B in volume annually. Aeropay, which helps businesses move money faster, affordably and securely with its proprietary Pay-By-Bank technology, reached cash-flow profitability in Q4 2023.

Aeropay's platform seamlessly connects bank accounts using Aerosync, a homegrown bank aggregator that the company also announced today. The platform enables customizable integrations via a full suite of open APIs. The commercial impact for businesses is significant, with industry-high approval rates while minimizing return and fraud risk.

"Payments in most verticals operate on archaic systems filled with excessive fees and risks," said Aeropay Founder and CEO Daniel Muller. "We've built a bank-driven payments network that protects businesses against fraud, saves them money, and gives their customers an easy way to pay. Put simply, we are building the next-generation payments network."

Aeropay has become a leader in account-to-account (A2A) payment solutions through a "compliance-first" strategy focused on collaborating with banks, partners, and regulatory counterparts. The company experienced 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, enhance strategic partnerships and explore greenfield opportunities.

"For years, we've searched for a company advanced enough to solve the pains and inefficiencies of the card payment market, arguably the last bastion of the traditional financial services industry," said Dovi Frances, Founding Partner of Group 11. "Aeropay has tackled the most complex technological and compliance challenges, making them the most likely player to seize upon this massive addressable market."

About Aeropay

Aeropay is a leading financial technology company providing open banking and account-to-account payment solutions for businesses. With Aeropay, businesses can offer cost-effective, fast and secure digital payments to their customers both in-store and online. Enabled by sophisticated technology, with compliance at the core, Aeropay is the better way to move money. For more information, visit aeropay.com or email hello@aeropay.com.

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Source: Company press release.