BaaS platform NovoPayment lands $19m Series A funding

Miami-based Banking-as-a-Service (BaaS) platform NovoPayment has landed a $19 million Series A funding round.

NovoPayment CEO and co-founder Anabel Perez

The round was led by Fuel Venture Capital and IDC Ventures and will enable the fintech to scale its offering across the US and the other 14 international markets it operates in, with a particular focus on Latin America and the Caribbean.

NovoPayment CEO and co-founder Anabel Perez says investors “recognise our platform’s role in closing the gap between banks’ legacy systems and their customers’ evolving needs”.

The company offers a full-stack API-based platform that powers digital banking, payment and card solutions, enabling businesses to manage and embed financial services into their end-user experience.

Following this latest investment, the company plans to introduce new features and functionalities, expand its network of partners and hire more than 100 engineers, business development professionals and product experts.

Maggie Vo, Fuel Venture Capital’s chief investment officer and managing general partner, will also join the firm as a board member.

In 2021, NovoPayment saw a 40% increase in client growth, including partnerships with major financial players such as Visa and Mastercard.