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German fintech company Wirecard, which raised hundreds of millions of dollars only to collapse in a sea of scandal and bankruptcy in 2020, yet does titles Different claims continue today institutions and people once joined the business. Meanwhile, a startup based in Dublin called Nomupay Created in 2023 from some of Wirecard’s regional payment licenses, it has been on a quiet growth trajectory, solving payment problems in scenarios that larger companies like Adyen and Stripe have yet to tackle.
Nomupay, which focuses on cross-border payments for merchants in Asia and the Middle East, has now raised $37 million in funding to expand its business. The funding — from Endeit Capital, Uneti Ventures and previous backers — comes as Nomupay has grown 100% annually over the past two years and is forecast to be profitable this year at around $20 million in ARR.
We understand that Nomupay’s value has also increased to $200 million. (A total of nearly $90 million has been raised, including $53.6 million now Investment in 2023from investors including Finch Capital, the VC that bought the licenses and founded Nomupay to turn those licenses into a business.)
Nomupay’s unique selling point is that it creates cross-border payment rails, which Nomupay founder and CEO Peter Burridge claims bigger players like Stripe and Adyen have overlooked because they are too complex or too small compared to their core regions. provides payments for users between countries. USA and Europe. Nomupay is heating up the iron: not only are businesses in their target areas underserved, but thanks to the e-commerce boom, they’re demanding more.
Burridge refers to larger payment providers as “monos” – monoliths that require them to connect to a wider set of services that customers using Nomupay typically don’t need, but aren’t provided with the capabilities they do.
Nomupay’s advantage is that the payment landscape has always been highly fragmented, even within single countries, and it becomes 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, they all compete with Adyen and others. I see us as enabling everyone to compete with these bigger businesses.” (ISOs are Independent Sales Organizations, merchant services companies registered with card brands that partner with payment processors, enabling them to sell and service merchant service accounts.) About 20 different payment methods and 20 different wallets in Malaysia alone there is potentially supported at the point of payment; these numbers get even more complicated when you add more countries.
“We’re solving problems that haven’t been solved before,” he said. Burridge did not say how many customers the company has in its network today, but they include companies such as Ikea, which processes payments for its stores in Malaysia, the Philippines and Thailand through Nomupay.
One purpose of the capital investment will be to continue the M&A strategy. In Asia, the company said it had a presence in Kuala Lumpur, Singapore, the Philippines, Hong Kong and Thailand, and it said it was currently in talks with a fintech in Singapore to secure a money license for the country first. The company’s other targets for expansion include Indonesia, Japan and Vietnam. Outside of Asia, it also operates in Ireland (Dublin); Great Britain (London and Manchester, where Acquired a startup called Total Processing provide more functionality and customer service); Vilnius, Estonia; Turkey (Istanbul); Dubai and New Zealand.
A vote of confidence around its newest investors: Burridge noted that Uneti, which was founded by Adye’s first employees, became an investor only 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 a validation of the platform.”
