American open banking account-to-account payment fintech Aeropay has raised $20 million in a Series B funding round led by Group 11.
Chicago Ventures and Continental Investment Partners joined the round, the proceeds of which will be used for product development and market expansion.
Aeropay’s platform connects bank accounts using a homegrown bank aggregator, with customisable integrations via a full suite of open APIs.
The firm has experienced 10X revenue growth over the past year and is processing over $1 billion in volume annually, reaching cash-flow profitability in Q4 2023.
Daniel Muller, CEO, Areopay, says: "We've built a bank-driven payments network that protects businesses against fraud, saves them money, and gives their customers an easy way to pay."