Payments processing company Novatti Group says it is working on the next funding round for its banking division, as it continues discussions with APRA over its application for a banking licence.Last November, Novatti applied for a restricted authorised deposit-taking institution licence. Its plan is to establish a specialist "migrant services bank". The company's banking division is headed by former ANZ and Australia Post executive Guy Carvalho.Novatti's business includes billing software, payments processing partnerships, prepaid cards, digital wallets, bill payments, remittance and blockchain remittance. It has been operating since 1996 and was listed on the ASX in 2016. It claims to have 100,000 remittance and payments customers through partner arrangements, with three million transactions processed on its platform each day.The company says a number of its products and services have appeal for the migrant community, including Vasco prepaid cards, inbound and outbound remittance, and cross border payments."We will create an ecosystem of thousands of like-minded consumers and trusted service providers, engaging, sharing and helping each other, removing the angst of the unknown. We aspire to be migrants' community bank," Carvalho has said.In the 2017/18 financial year it reported revenue of A$6.4 million and a loss before interest and tax of $2 million.Yesterday the company posted a business update, reporting that revenue for the year to June was up 39 per cent year-on-year to $8.9 million.