Nomupay Secures $40 Million to Enhance Cross-Border Payment Solutions
As global trade evolves, the demand for diverse cross-border payment options is on the rise. An Irish fintech startup, Nomupay, has recently secured $40 million in a Series C funding round led by SB Payment Service (SBPS), a subsidiary of the renowned Japanese telecommunications giant SoftBank Corp. The startup is now valued at approximately $290 million.
Simplifying Payments Across Borders
Nomupay aims to streamline cross-border payments, especially through Asia’s fragmented payment systems. Its platform is designed to facilitate transactions for merchants and customers across Europe, the Middle East, North Africa (MENA), and the United States, simplifying the payment process significantly.
Recent Funding and Growth Strategy
This recent funding round follows a successful Series B financing completed just five months prior, where Nomupay raised $37 million at a valuation of $200 million. This brings the startup’s total funding to around $120 million, underscoring its rapid growth trajectory.
Plans for Expansion and New Features
With the new capital, Nomupay plans to expand its operations into key regions, particularly focusing on Asia and other underserved markets. CEO Peter Burddige stated, “We will be integrating Japanese alternative payment methods (APMs) into our platform, enabling global merchants to engage with Japanese consumers without needing a physical presence in Japan.”
Innovative Payment Solutions for Merchants
The Nomupay platform is designed to offer merchants a range of local payment options, reducing complexities in their backend operations. The company provides virtual accounts and multi-currency cash services, allowing merchants to effectively manage foreign exchange (FX) operations.
Addressing Challenges in Asian Markets
Expanding businesses in Asia often face hurdles such as acquiring multiple licenses and navigating various regulations. Nomupay aims to alleviate these challenges, making it easier for companies to enter the Asian market with accessible payment solutions. The startup is set to announce new operations in Singapore, Indonesia, and Vietnam, expanding its footprint in Oceania and Southeast Asia.
Impressive Growth and Future Projections
In just four years, Nomupay has onboarded over 2,000 merchants globally, covering regions from Europe to Asia. In November 2023, the company acquired a Manchester-based startup, Total Processing, which specializes in payment processing solutions, indicating further bolstering of its capabilities.
Projected Financial Milestones
Following its latest funding, Nomupay is on track to surpass an annualized revenue of $45 million and achieve $20 million in net income by the end of 2025. Burddige emphasized their commitment to profitable growth, stating, “We’ve shown we can achieve profitable growth, and with this funding, we’ll focus on expansion while aiming for profitability in the coming year.”