German fintech company Wirecard, which raised hundreds of millions of dollars only to collapse in 2020 in a sea of scandal and insolvency, is still making headlines today as lawsuits continue against various individuals and people once associated with the business.
Meanwhile, Nomupay, a Dublin-based startup formed from some of Wirecard’s regional payment licenses in 2023, has been on a quiet growth trajectory, solving payment problems in areas that big players like Adyen and Stripe have yet to address.
Focusing on cross-border payments for merchants primarily in Asia and the Middle East, Nomupay has now raised $37 million in funding to expand its business. The Series B funding from Endeit Capital, Uneti Ventures and previous backers comes on the back of Nomupay’s revenue growth of 100% annually over the past two years and a forecast of approximately $20 million in ARR this year.
We understand that Nomupay’s valuation has also increased by $200 million. The company has now raised a total of $90 million, including $53.6 million in 2023, from investors including Finch Capital, which bought Wirecard licenses and formed Nomupay to commercialize those licenses.
Nomupay’s unique selling point is that it is building cross-border payment rails and enabling payments for users. ‘claims to have overlooked. It’s amazing when the iron is hot: Not only are businesses in targeted areas underserved, but they’re demanding more because of the e-commerce boom.
Burridge calls the big payment providers “monoliths” — monoliths that require customers using Nomupay to buy a broader set of services they don’t typically need, but don’t offer them the capabilities they do.
Nomupay’s advantage is that the payments landscape is always fragmented, even within single countries, making it even more difficult to analyze across multiple geographies.
“There are over 5,000 ISOs for Visa alone,” he said. “They all use some sort of gateway or point of sale technology to access card schemes and payment methods. I think it’s going to allow us to compete with the bigger businesses.” ISOs are independent merchant organizations, merchant services companies registered with card brands that work with payment processors and sell them merchant accounts. and provides service.
Malaysia alone has about 20 different payment methods and 20 different wallets to support at the payment point; If you add more countries, the numbers get even more complicated.
“We’re solving problems that haven’t been solved before,” Burridge said. He did not say how many customers the company has in its network today, but they include companies such as Ikea, which uses Nomupay to pay for its stores in Malaysia, the Philippines and Thailand.
One of the goals of the new investment is to continue Nomupay’s M&A strategy. The company said it has operations in Kuala Lumpur, Singapore, the Philippines, Hong Kong and Thailand, and is currently in talks with fintechs in Singapore, primarily to obtain a license for the country. The company’s other expansion targets include Indonesia, Japan and Vietnam.
Apart from Asia, Nomupay also operates in Ireland (Dublin), UK (London and Manchester, where it acquired a startup called Total Processing), Estonia (Vilnius), Turkey (Istanbul), Dubai and New Zealand.
One vote of confidence about his newest investors: Burridge noted that Uneti, which was founded by Adyen’s first employees, became an investor after Endeit Capital in the Netherlands brought Uneti on board as a consultant to conduct due diligence. “They liked it so much, they wanted to invest in it,” he said proudly. “For us, it was validation of the platform.”
