“Can a pay-by-bank network built on proprietary bank connectivity displace card rails for regulated and underserved US industries?”
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.
Aeropay discloses Cross River Bank as its banking provider, according to the Embedded Finance Index 2026.
Aeropay does not disclose a bank charter of its own; its banking services are provided through Cross River Bank.
Aeropay processes payments through Aeropay (self-operated). Disclosed money-movement rails: ACH and RTP.
Aeropay connects to bank accounts through Aerosync (self-operated).
The Embedded Finance Index 2026 maps 6 layers in Aeropay's stack: Payments / PSP (Aeropay (self-operated)); Money movement (ACH and RTP); Banking / BaaS (Cross River Bank); Open banking (Aerosync (self-operated)); Sponsor bank (Cross River Bank); Transaction enrichment (Aeropay (self-operated)).
Aeropay was founded by Dan Muller and is founded in 2017, headquartered in Chicago, IL, USA.
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