TLDR:
- Aeropay, a Pay-By-Bank solution provider, secures $20m in Series B financing led by Group 11.
- The company has experienced 10X revenue growth and processes over $1bn in volume annually.
Aeropay secures $20m in Series B financing
Aeropay, a Pay-By-Bank solution provider for businesses, has successfully raised $20m in Series B financing. The funding round was led by Los Angeles-based fintech venture capital firm Group 11, with participation from Chicago Ventures and Continental Investment Partners. This comes at a time when Aeropay has seen significant growth, experiencing a 10X revenue increase over the past year and now processing over $1bn in volume annually. The company’s unique proprietary technology, Aeropay helps businesses move money faster, affordably, and securely through its Pay-By-Bank solution.
Aeropay’s platform seamlessly connects bank accounts utilizing Aerosync, a homegrown bank aggregator, and enables custom integrations via a suite of open APIs. The company prides itself on industry-high approval rates while minimizing return and fraud risks for businesses. With a focus on a “compliance-first” strategy, Aeropay has become a leader in account-to-account (A2A) payment solutions by collaborating with banks, partners, and regulatory counterparts. The company has already seen success in highly regulated industries and is expanding into new markets such as financial services, wellness, utilities, QSR, and property management.
The new round of funding will be used to further develop new product offerings, enhance strategic partnerships, and explore greenfield opportunities. Dovi Frances, Founding Partner of Group 11, praised Aeropay for its ability to solve the pains and inefficiencies of the card payment market, positioning them well to capture a significant share of a massive addressable market.
