10+ things to know in #MiamiTech: NovoPayment raises $20M…

NovoPayment attracts $20M in financing

Investment funds managed by Morgan Stanley Expansion Capital announced a $20 million investment in NovoPayment, a Miami-based financial technology company that has developed an API-based banking-as-a-service platform that unlocks digital banking, payment, and card solutions for incumbent and up-and-coming firms alike. The non-equity financing will support NovoPayment’s continued scaling and expansion of commercial partnerships.

“NovoPayment’s robust technology platform has positioned the company as a leader in the Latin America market,” said Pete Chung, Managing Director and Head of Morgan Stanley Expansion Capital, in a statement. “The company’s mission-critical infrastructure enables the modernization of marquee banks and financial institutions in the region through a comprehensive, full-stack platform.”

Miami-based NovoPayment, founded in 2007, is a vertical-focused SaaS that enables banks, financial institutions, neo-banks, digital merchants, and fintech’s to offer intuitive digital financial and payment services, improving customer experiences and operational margins. Its flagship platform offers a suite of solutions ranging from digital wallets, instant issuance of deposit accounts and virtual cards to RTP, cross-border transfers, digital lending and cash management. The company raised $19 million in Series A funding in 2022.

NovoPayment serves 15 markets across Latin America, the Caribbean and the United States.

The investment will support NovoPayment “continued innovation and service expansion to grow our customer base, further amplifying our positive impact in the markets in which we operate,” said founder and CEO Anabel Perez. “As the financial services landscape continues to evolve, we believe NovoPayment is well-positioned to compete in the embedded finance market by reducing friction and driving efficiency.”