As global trade evolves, there’s an increasing demand for diverse cross-border payment options. That’s why an Irish-based fintech startup called Nomupay has raised a $40 million Series C round from SB Payment Service (SBPS), a subsidiary of Japanese telco giant SoftBank Corp, at a valuation of $290 million.
Nomupay makes it easier for merchants to process cross-border payments across the fragmented payment system in Asia, as well as for merchants and their customers in Europe, MENA, and the U.S.
The latest Series C funding round comes roughly five months after its previous $37 million Series B funding round at a $200 million valuatio in January earlier this year, bringing its total raised to approximately $120 million.
The startup will use the new capital for the next phase, which involves expanding its reach in key regions, including Asia and beyond, as well as acquisitions. In addition, it will double down on scaling its sales and operations to reach both existing and new locations.
“Starting immediately, we will be adding Japan APMs [alternative payment methods] to our platform, enabling the rest of world merchants to plug into us and get access to Japanese consumers without having to have an entity in Japan,” Peter Burridge, CEO of Nomupay, said in an interview with TechCrunch.
Burridge says the company also plans to add SBPS cards to its platform, as well as multi-currency settlement and IC++ billing.
The startup’s CEO says his platform allows merchants to offer more local payment options to their customers without adding complexity to their back office. Additionally, it provides merchants with multi-currency virtual accounts and treasury services to manage their foreign exchange (FX).
“We enable merchants to manage their global payouts decoupled from their acquiring service. This enables the merchant to manage their currency exposures, their FX costs, and the entire payment experience of their suppliers and payees. We use local payment networks to minimize costs and maximize transparency and speed,” Burridge continued.
Expanding businesses in Asia often face challenges in obtaining multiple licenses, navigating diverse regulations, and managing various payment methods, which can result in costly back-office operations and complexity. However, more companies are seeking accessibility to serve the Asian market.
The startup is close to announcing new coverage in Singapore, Indonesia, and Vietnam, which will significantly expand its presence in Oceania and Southeast Asia, Burridge told TechCrunch.The four-year-old startup now serves more than 2,000 merchants across the globe, spanning Europe, the Middle East, and Asia. Nomupay acquired Total Processing, a Manchester-based startup specializing in the development of payment processing solutions, including recurring payments, risk management, data security compliance, and payment integrations, in November 2023.
Burridge said that after receiving its last round of funding earlier this year, the company has successfully onboarded over 500 new merchants, is expected to increase its growth by over 70% year over year, and has expanded its team to over 250 employees.
The startup generates revenue by charging fees based on the volume of transactions processed by merchants, using payment acceptance services and payouts on platforms that serve both buyers and sellers.
Nomupay expects to exceed $45 million in gross annualized run-rate revenue and $20 million in net revenue by the end of 2025, according to Burridge. “We have proven we can show profitable growth, but with the fresh funding, we have made a deliberate decision to focus on growth and expect profitability within 12 months.”