American open banking account-to-account payment fintech Aeropay has successfully raised $20 million in a Series B funding round led by Group 11. Chicago Ventures and Continental Investment Partners also participated in this funding round. The funds will be allocated for product development and market expansion.
Aeropay’s platform connects bank accounts through a proprietary bank aggregator, offering customizable integrations via a comprehensive suite of open APIs. The company has achieved significant growth, experiencing a 10X increase in revenue over the past year and processing over $1 billion in annual transaction volume, reaching cash-flow profitability in Q4 2023.
Daniel Muller, CEO of Aeropay, stated, “We’ve built a bank-driven payments network that protects businesses against fraud, saves them money, and provides their customers with an easy way to pay.”