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action or later. Please see Debugging in WordPress for more information. (This message was added in version 6.7.0.) in /home4/scienrds/scienceandnerds/wp-includes/functions.php on line 6114Source:https:\/\/techcrunch.com\/2023\/05\/31\/nomupay-funding\/<\/a><\/br> We still see regular updates<\/a> on the calamitous fallout of the 2020 collapse of Wirecard, the now-insolvent fintech<\/a> out of Germany that had built an elaborate house of cards on false accounting and murky business. Meanwhile, some of the assets from that operation, now under new ownership, appear to be in growth mode.<\/p>\n NomuPay<\/a> \u2014 a unified payments business formed by VC Finch Capital out of its 2021 acquisitions of Wirecard assets, specifically local licenses, across Turkey<\/a> and Asia Pacific<\/a> (specifically Hong Kong, Malaysia, Philippines and Thailand), as well as separate businesses like Cardinity out of Lithuania<\/a> (also known as Click2Sell) to cover European licenses \u2014 says that it has now raised $53.6 million, funding that it is using to continue expanding its operations, and building more integrations and other functionality into its API.<\/p>\n The $53.6 million is being called a Series A by the company in a press release, but in an interview with TechCrunch, CEO Peter Burridge described the figure as more of an aggregate of what NomuPay has raised to date: Finch\u2019s initial acquisition of different assets came with an initial capital investment, and it was the sole owner of the new business at that point. Since then, management, unnamed individual investors, and a separate firm called Outpost Ventures (part of Neuberger Berman), have also invested, giving them also stakes in the business. <\/span><\/p>\n Outpost and Finch co-led NomuPay\u2019s most recent tranche of about $15 million, and Burridge said the plan is to raise more \u2014 in his words a \u201cproper raise\u201d \u2014 soon. Today is the first time that the startup is announcing the details of any of this funding.\u00a0<\/span><\/p>\n NomuPay was quietly being formed from 2021, but it launched its first commercial product \u2014 a unified payments platform for making and taking payments that is gateway-agnostic and that works with whatever payments infrastructure the business already uses \u2014 at the end of 2022 and says it is now active in 20 countries. Burridge declined to disclose any specifics on the size of its active business, but customers and partners include regional operations for Spotify, Ikea, Facebook and hospitality payments specialist Planet<\/a>.<\/p>\n That gives an idea of NomuPay\u2019s target customers: merchants and other online businesses that need to make and take payments (that is, payment acceptance and payouts) across international markets. Its core product is an API that businesses can use to get around the difficulties of having to negotiate and integrate the many different, fragmented payment methods and processes a business needs to have in place when transacting in across borders. NomuPay\u2019s unified payments platform competes against the likes of Stripe, PayPal and Adyen, but also PPRO, Payoneer, and many others.<\/p>\n It is indeed a crowded market, but also a big enough one that Burridge believes there is room for more payment companies to meet the demand.<\/p>\n \u201cPayments is still a problem that needs to be solved,\u201d he said. \u201cWe are building new rails to do that.\u201d<\/p>\n Burridge can say something that lofty with some authority because he has a long history in the world of fintech, and specifically the messier aspects of cross-border payments. He was the longtime president and COO of HyperWallet, which was acquired by PayPal to build out its global payouts operation, a business he led for PayPal as well. Previous to that, Burridge also worked for years at Travelex; and before his foray into FX, he spent a long time at Oracle and Siebel so has a pretty strong background in CRM and how to build B2B services directed at customer needs.<\/p>\n \u201cWhile card schemes [like Mastercard or Visa] have created ubiquity, it\u2019s [still] hard to expand globally,\u201d he said. \u201cFor example, if I go to Turkey, I still need to open a merchant account and work with another acquirer and pay local rates and local fees. The issue globally is that cross border acceptance rates are still very poor.\u201d<\/p>\n
\nNomuPay, formed from pieces of failed fintech Wirecard, says it\u2019s raised $53.6M for cross-border payments<\/br>
\n2023-05-31 22:32:36<\/br><\/p>\n