Aeropay Announces $20M in Series B Financing, Further Solidifying Position as a Leader in U.S. Open Banking & A2A Payments
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CHICAGO, May 16, 2024 ~ Aeropay, a leading provider of Pay-By-Bank solutions for businesses, has recently announced that it has secured $20 million 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.

According to Aeropay CEO Dan Muller, the company has experienced significant growth over the past year with a 10X increase in revenue and processing over $1 billion in volume annually. This growth has led to the company reaching cash-flow profitability in Q4 of 2023.

Aeropay's success can be attributed to its proprietary Pay-By-Bank technology, which helps businesses move money faster, affordably and securely. The company also announced the launch of Aerosync, a homegrown bank aggregator that seamlessly connects bank accounts on their platform. This allows for customizable integrations through a full suite of open APIs and provides industry-high approval rates while minimizing return and fraud risk.

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Founder and CEO Daniel Muller stated that traditional payment systems are often burdened with excessive fees and risks. Aeropay aims to solve these issues by building a bank-driven payments network that protects businesses against fraud, saves them money, and provides customers with an easy way to pay. Muller added that they are building the next-generation payments network.

Aeropay's success in highly regulated industries has led to its expansion into new markets such as financial services, wellness, utilities, QSR (quick-service restaurants), and property management. The company's "compliance-first" strategy involves collaborating with banks, partners, and regulatory counterparts.

The new funds will be used to develop new product offerings, enhance strategic partnerships, and explore greenfield opportunities. Dovi Frances, Founding Partner of Group 11 expressed his excitement about investing in Aeropay stating that they have been searching for a company advanced enough to solve the pains and inefficiencies of the card payment market. He believes that Aeropay's ability to tackle complex technological and compliance challenges makes them the most likely player to seize upon this massive addressable market.

With this new round of funding, Aeropay is well-positioned to continue its growth and revolutionize the payments industry with its innovative solutions.
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