Introduction
Nomupay, a Dublin-based company, has successfully concluded its third investment round, which totaled $37 million at a $200 million valuation. This investment further solidifies the company’s aspiration to offer international acquirers, merchants, Payment Service Providers, and Independent Sales Organizations an all-access pass to the highly fragmented Asian market.
Endeit Capital lead the final $12 million tranche of the September fundraise, with Uneti Ventures (supported by early Adyen employees) also participating. Over the past 18 months, existing investors maintained their backing, contributing $25 million.
The most recent round follows the successful series A financing of $53.6 million from Finch Capital and other investors in 2023, bringing the total to just under $90 million. Nomupay has achieved annual growth rates exceeding 100% for the past two years as a result of consistent investment. It is anticipated that the company will achieve profitability in 2025.
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The new funds will be used to support expansion plans and to stimulate M&A activity in the wake of the 2023 acquisition of Manchester-based Total Processing. In addition to the current local presence in Kuala Lumpur, Singapore, the Philippines, Hong Kong, and Thailand, these include partnerships, local recruits, and additional markets in Indonesia, Japan, Vietnam, and Singapore.
Nomupay’s Unified Payments (UP) platform has been developed to facilitate the simultaneous operation of online, point-of-sale (POS), and payout capabilities in numerous Asian, European, and Middle Eastern markets via a single API.
The business was established by VC Finch Capital as a result of its 2021 acquisitions of Wirecard assets, specifically local licenses in Turkey and Asia Pacific, as well as distinct businesses such as Cardinity in Lithuania to cover European territory.
Industry Comments
Peter Burridge, former head of operations payouts at PayPal and CEO of Nomupay, says: “At present, so many organisations are beholden to the dominant global gateway acquirers, known as ‘Monos’. In many cases, these platforms only provide access to certain countries, only facilitate certain payment methods, and necessitate that customers use their gateway.
“Global and regional enterprises scaling in the Asian market need a more sophisticated and less prescriptive approach. At Nomupay, it is our goal to become the go-to payments platform to unlock Asia for companies globally and vice versa.”
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FAQs
1. What is the significance of Nomupay’s latest investment round?
Nomupay’s third investment round of $37 million, at a valuation of $200 million, strengthens its position in the fragmented Asian payments market. The funds will support M&A activities, expand market presence, and enhance its Unified Payments (UP) platform, enabling seamless payment solutions across Asia, Europe, and the Middle East.
2. How has Nomupay grown since its formation?
Formed in 2021 from Finch Capital’s acquisition of Wirecard assets and other businesses, Nomupay has achieved over 100% annual growth for two consecutive years. With total funding nearing $90 million, the company is set to reach profitability by 2025, showcasing steady expansion and strong market adoption.
3. What are Nomupay’s future plans for growth?
Nomupay plans to enhance its presence in Asia through new markets, local hires, and partnerships in Singapore, Indonesia, Japan, and Vietnam. It will also drive M&A activity to complement its offerings and expand its Unified Payments platform.
Conclusion
Nomupay’s successful $37 million funding round marks another milestone in its rapid growth journey, cementing its role as a key player in the payments ecosystem. With its Unified Payments platform and strategic expansion into Asia, Europe, and the Middle East, Nomupay is addressing the challenges of a fragmented payments landscape, offering seamless solutions to acquirers, merchants, and PSPs. Backed by steady investment and robust market strategies, the company is on track to redefine cross-border payment capabilities. As it scales operations and prepares for profitability by 2025, Nomupay is poised to become a transformative force in the global payments industry.
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