Aeropay, a Chicago, IL-based provider of Pay-By-Bank solutions for businesses, raised $20M in Series B funding.
The round was led by Group 11 with participation from Chicago Ventures and Continental Investment Partners.
The company intends to use the funds to expand operations, to develop new product offerings, enhance strategic partnerships and explore greenfield opportunities.
Led by CEO and Founder Daniel Muller, Aeropay is a financial technology company providing open banking and account-to-account payment solutions for businesses. With it, businesses can offer secure digital payments to their customers both in-store and online. The platform connects bank accounts using Aerosync, a homegrown bank aggregator that the company has just announced. It enables customizable integrations via a full suite of open APIs.
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.
The funding comes at a time when the company has experienced 10X revenue growth over the past year and is processing over $1B in volume annually. Aeropay reached cash-flow profitability in Q4 2023.
FinSMEs
16/05/2024
