Navro acquires money transmitter licence in Washington D.C.

Navro now operates under full regulatory governance in the district

UK-based fintech Navro has acquired a money transmitter licence in Washington D.C. for its payments curation platform. The licence, which is regulated and issued by the Department of Insurance, Securities and Banking (DISB), is the company’s second in the US, following its acquisition of a Delaware licence earlier this year.

The move is part of Navro’s strategy to expand its services internationally, with a focus on the US, Europe, Asia and the Middle East. The company’s payments curation technology is designed to address cross-border payment challenges for international businesses, such as the high transaction costs and lengthy timescales associated with traditional systems like SWIFT.

Navro’s platform provides access to a range of payment services through a single API and contract, aiming to simplify the process for businesses that would otherwise need to manage multiple service providers and payment gateways.

Navro now operates under full regulatory governance in the district. The company noted that as the licence was completed via the Nationwide Multistate Licensing System (NMLS), the process for securing further state-level licences will be simplified. The NMLS allows for due diligence information, such as company financial records and compliance policies, to be stored and reused for subsequent applications.

The company identified Washington D.C. as a particularly relevant market for its services, citing the presence of multiple multilateral institutions, NGOs, universities, and businesses with complex cross-border payment requirements, including international payroll and money disbursement.

Aran Brown, CEO at Navro, said: Securing our D.C. licence is another important milestone in Navro’s US growth strategy. Washington D.C. is home to some of the world’s most globally connected institutions and businesses, which must manage a complex web of payments in any number of currencies and across a spread of jurisdictions.

Brown also added: With this licence, we can now provide the benefits of Navro’s payments curation platform – simplicity, speed and lower costs – effectively streamlining what was once a complex process of multiple payment intermediaries, into one single API integration and one contract.