Wirecard, the multi-hundred-million-dollar German fintech to collapse in 2020 amid a sea of scandal and destruction. Still made Headlines Different lawsuits continue today. One and one versus People Connect with the business once. At the time, it was called a Dublin-based startup. Nomupay Formed in 2023 by some of Wirecard's regional payments licenses, big companies like Adyen and Stripe are on a quiet growing path to address payment issues in situations that haven't yet been tackled.
Focusing on cross-border payments for merchants in Asia and the Middle East, Nomupay has raised $37 million in funding to expand its business. Endeit Capital; Funding from Uneti Ventures and previous backers has been Nomupay's 100% annual growth for the past two years, with ARR forecast to reach $20 million in revenue this year.
We understand that Nomupay's valuation has increased to about $200 million. (It made around $90 million in total, including $53.6 million now). Investment in 2023from investors including Finch Capital; (The VC who bought the licenses and founded Nomupay turned those licenses into businesses.)
Nomupay's unique selling point is that it builds cross-border payment railways and enables payments for consumers, says Peter Burridge, Nomupay's founder and CEO, and big players like Stripe and Adyen. Overcomplicated compared to their home regions, US and Europe's Nomupay is clearly at a hot iron: businesses in its target regions are not only shrinking, but they are becoming more demanding due to the rise of e-commerce.
Burridge refers to large payment service providers as “monos” — monoliths that customers using Nomupay typically need to buy for comprehensive services they don't need, without offering the facilities they do.
Nomupay's advantage is that the payment landscape is always fragmented, even within a single country, and it becomes even more difficult to integrate and segment across multiple geographies.
“There are over 5,000 ISOs for Visa alone,” he said. “They all compete with Adyen and others and use gateway or point-of-sale technology to access card systems and payment methods. Anyone who can compete with these bigger firms is viewed as an opportunity.” (ISOs allow independent sales teams, payment processors, and merchant service companies registered with partner card brands to sell and service accounts they serve.) Malaysia alone has about 20 different payment methods and 20 different wallets. You may need to provide a payment. Those numbers get even more complicated when you add in multiple countries.
“We're solving problems that haven't been solved before,” he said. The Burridge company did not say how many total customers are working in its network today, but Nomupay for its stores in Malaysia, This includes the likes of Ikea, which handles payments for its stores in the Philippines and Thailand.
One objective of the equity injection is to continue its M&A strategy. In Asia, the company is located in Kuala Lumpur, Singapore Philippines Located in Hong Kong and Thailand, it is said to be currently in discussions with a fintech, mainly in Singapore, to obtain a financial license for the country. The company's other targets for expansion are Indonesia; Japan and Vietnam. Outside of Asia there are also operations in Ireland (Dublin). UK (London and Manchester, where? Acquired a startup called Total Processing. to bring more functionality and customer service into the fold); Vilnius, Estonia; Turkey (Istanbul); Dubai and New Zealand.
A vote of confidence in his latest investors: Burridge revealed that Uneti, founded by Adyen's earliest employees, only became an investor after Endeit Capital in the Netherlands brought Uneti on as a due diligence advisor. “They liked it so much they wanted to invest in it themselves,” he says proudly. “For us, that's a validation of the platform.”