NomuPay Secures $40 Million in Series C Funding to Enhance Cross-Border Payment Solutions
Dublin, Ireland – In response to a rising global demand for versatile cross-border payment solutions, fintech startup NomuPay has successfully raised $40 million in its Series C funding round. This investment, made by SB Payment Service (SBPS), a subsidiary of the renowned Japanese telecommunications company SoftBank Corp, values the firm at $290 million.
Streamlining International Payments
NomuPay specializes in simplifying cross-border payments for merchants, focusing on the fragmented payment landscape across Asia and extending its services to clients in Europe, the Middle East and North Africa (MENA), and the United States.
This latest funding round follows a $37 million Series B round completed in January with a valuation of $200 million, augmenting NomuPay’s total capital raised to approximately $120 million.
Strategic Growth Initiatives
The funds from the Series C round will facilitate NomuPay’s expansion into key geographic markets, including Asia, while also encouraging potential acquisitions. The startup aims to enhance its sales and operational efforts to better serve both existing and prospective clients.
Peter Burddige, CEO of NomuPay, highlighted the company’s immediate plans to integrate Alternative Payment Methods (APMs) focused on the Japanese market. He noted that this advancement will allow global merchants to access Japanese consumers without needing a local entity.
Further developments will include the addition of SBPS cards to the NomuPay platform, as well as features such as multi-currency settlement and IC++ billing, providing merchants with greater flexibility in managing their transactions.
Enhancing Merchant Experience
Burddige emphasized that NomuPay enables merchants to offer localized payment options, reducing the complexities often associated with back-office operations. The platform also provides multi-currency virtual accounts and treasury services to effectively manage foreign exchange (FX).
“With our solution, merchants can handle global payouts independently of their acquiring service, allowing them to control currency exposures, FX costs, and streamline the payment experience for suppliers and payees,” Burddige stated. The use of local payment networks ensures minimized costs and enhanced transaction speed and transparency.
Addressing Market Challenges
Businesses aiming to expand into the Asian market face various hurdles, including the acquisition of multiple licenses and navigating diverse regulatory frameworks. These challenges often lead to intricate and costly back-office operations. NomuPay addresses these issues by facilitating easier access for companies wanting to establish a presence in Asia.
Burddige noted that NomuPay is on the verge of announcing significant expansions into Singapore, Indonesia, and Vietnam, which will enhance its footprint in Oceania and Southeast Asia. Currently, the startup serves over 2,000 merchants worldwide, including regions in Europe, the Middle East, and Asia. Notably, in November 2023, NomuPay acquired Totla Processing, a Manchester-based startup that focuses on payment processing solutions, including recurring payments and risk management.
Positive Growth Trajectory
Following its recent funding, NomuPay reported onboarding more than 500 new merchants and anticipates a year-over-year growth rate exceeding 70%. The company’s workforce has expanded to over 250 employees, reflecting its commitment to scaling its operations.
Revenue generation for NomuPay is performance-based, involving charges tied to the transaction volumes processed by its client merchants through its payment acceptance services.
Looking ahead, the startup projects gross annualized run-rate revenues will surpass $45 million, alongside net revenues projected to reach $20 million by the close of 2025. Burddige expressed confidence in the firm’s ability to achieve profitable growth while also prioritizing expansion in the coming months.
NomuPay’s continued innovation and strategic investment reflect the evolving landscape of global payments, catering to the increasing demand for seamless and efficient cross-border transaction solutions.
