Navro aquires US licence in Delaware for its payments platform

By Puja Sharma

The Move will allow Navro to provide US businesses with simplified, low-cost cross-border payments

Navro — the FinTech simplifying cross-border payments for international businesses — announced that it has obtained a Delaware Money Transmitter Licence. The licence, which is regulated and issued by the Delaware Office of the State Bank Commissioner, marks Navro’s first licence in the US and the first step in rolling out its payments curation platform and services across the country.

Navro can now operate under full regulatory governance in the state, which hosts the headquarters of two-thirds of Fortune 500 companies thanks to the high standards of its corporate legal system and tax regime.

Navro’s pioneering payments curation technology addresses the various cross-border payments challenges currently faced by businesses in the US, such as the high transaction costs and lengthy timescales associated with SWIFT.  Providing access to the best payment services through one platform, one API, and one contract, Navro removes the need for businesses to deal with a complex web of service providers, payment gateways and local regulatory authorities.

The licence underscores the importance of Navro’s focus on operating within robust regulatory frameworks that unlock access to the very best options when it comes to building a payments curation service. Through the course of 2024, Navro acquired licences in a number of high-quality legal jurisdictions – namely, Canada, the European Union through the Central Bank of Ireland, and the UK.

Aran Brown, CEO at Navro, said, “The Delaware approval underlines our commitment to achieving licences within robust regulatory guard rails. It also initiates the process of extending Navro’s footprint across the US, Strategically we are laser-focused on ensuring that the gold-standard compliance that we’ve built into our platform extends into every new region and relationship. For our clients, this means the same level of trust and reliability they’ve come to expect—no matter where they operate.”

The news follows Navro’s $41 million Series B funding round in early May led by Jump Capital with participation from Bain Capital Ventures, Motive Partners, and Unusual Ventures. The fresh investment enables Navro to accelerate its global expansion plans and connect more local payout and collection services worldwide, Delaware being the first US state-level licence in its ambitious US growth strategy. Elsewhere, Navro plans to build out its licenses and operations across APAC and the Middle East in the coming months.