Aeropay Secures $20M In Series B Financing To Accelerate Open Banking And A2A Payments Innovation

Aeropay, a digital payments provider that began in the cannabis industry, has successfully raised $20 million in its Series B funding round. The round was spearheaded by Los Angeles-based fintech venture capital firm Group 11 with notable contributions from Chicago Ventures and Continental Investment Partners.

This funding milestone arrives as Aeropay boasts an impressive tenfold increase in revenue over the past year, alongside managing over $1 billion in transaction volume annually. Achieving cash-flow profitability in the fourth quarter of 2023, the company is setting new benchmarks in the financial technology sector.

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Innovative Solutions Driving Growth

Central to Aeropay’s success is its proprietary Aerosync technology—a homegrown bank aggregator that facilitates seamless connections between bank accounts. This platform is enhanced by a robust suite of open APIs, allowing for highly customizable integrations. The result is a system that offers industry-leading approval rates while minimizing risks associated with returns and fraud.

“Payments in most verticals operate on archaic systems filled with excessive fees and risks,” said Daniel Muller, Aeropay's founder and CEO. “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. Put simply, we are building the next-generation payments network.”

Strategic Expansion And Future Aspirations

With its roots in serving highly regulated industries, Aeropay is now broadening its horizons to encompass sectors such as financial services, wellness, utilities, quick-service restaurants (QSR) and property management. The fresh influx of capital will support new product development, strategic partnerships enhancement and exploration of new market opportunities.

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“For years, we’ve searched for a company advanced enough to solve the pains and inefficiencies of the card payment market, arguably the last bastion of the traditional financial services industry,” said Dovi Frances, founding partner of Group 11. “Aeropay has tackled the most complex technological and compliance challenges, making them the most likely player to seize upon this massive addressable market.”