Aeropay
“Can a pay-by-bank network built on proprietary bank connectivity displace card rails for regulated and underserved US industries?”
Founded2017
HQChicago, IL, USA
FoundersDan Muller
Latest roundSeries B, 2024
IndustryInfrastructure / Payments
The story
Founded in 2017 as a bank-to-bank ACH payment platform focused on regulated industries where card networks would not operate — primarily cannabis retail and online gaming. Built proprietary bank connectivity (Aerosync) to replace reliance on third-party aggregators like Plaid, launching it publicly in 2024 alongside a $20M Series B. Now positioning as America's pay-by-bank network, pitching itself as an alternative to Visa/Mastercard rails for any industry, with expansion targets in financial services, wellness, utilities, QSR, and property management.
Last 12 months
Product timeline
2017
Aeropay founded in Chicago as a bank-to-bank payment platform targeting regulated industries like cannabis and gaming.· pivot
2023
Aeropay partnered with KindTap to offer digital credit at checkout for cannabis dispensaries.· banking
2024
Raised $20M Series B led by Group 11 and launched proprietary bank aggregator Aerosync, covering 12,000+ financial institutions.· banking
2024
Announced expansion beyond cannabis and gaming into financial services, wellness, utilities, QSR, and property management.· pivot
2025
Partnered with Soap Payments to offer a turnkey pay-by-bank and compliance solution for online gaming operators.· banking
The stack
5 layers disclosed in Aeropay’s embedded-finance stack
Payments / PSP
Aeropay (self-operated)
Money movement
in the full report
Banking / BaaS
in the full report
Open banking
in the full report
Sponsor bank
in the full report
Accounting gap: significant
5 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.