As global trade evolves, demand for diverse cross-border payment options is increasing. So, Arish-based Fintech Startup raised $40 million in the Series C round of SB Payment Service (SBPS), a subsidiary of Japan’s Telco Giant Softbank Corp., at a $290 million valuation.
Not only does Nomupay make it easier for merchants to process cross-border payments across Asia’s fragmented payment system, but it also makes it easier for merchants and their customers in Europe, MENA and the US.
The latest Series C funding round came about five months after the last $37 million Series B funding round at a $200 million valuation earlier this year, raising the total to about $120 million.
Startups use new capital in the next phase. This includes expanding reach and acquisitions in major regions such as Asia and beyond. Plus, it doubles by scaling sales and operations to reach both existing and new locations.
“Starting right away, we’ll add Japanese APM (alternative payment methods) to our platform, allowing other merchants around the world to access Japanese consumers without having to have an entity in Japan.”
Burddige also says it plans to add an SBPS card to the platform.
The startup CEO says his platform allows merchants to offer more local payment options to their customers without adding complexity to the back office. Additionally, it provides merchants with multi-currency virtual accounts and Ministry of Finance services to manage foreign exchange (FX).
“We allow merchants to manage global payouts separated from the acquisition service, which allows merchants to manage their currency exposure, Forex costs, and the entire payment experience for suppliers and recipients. We have used our local payment network to minimize costs and maximize transparency and speed.
The expansion of businesses in Asia often faces challenges in obtaining multiple licenses, navigating diverse regulations, and managing a variety of payment methods, which can result in costly back-office operations and complexity. However, more companies are looking for accessibility to serve the Asian market.
The startup is approaching the release of new reports in Singapore, Indonesia and Vietnam, and will significantly expand its presence in Oceania and Southeast Asia, Burddige told TechCrunch.
Four years ago, the startup now serves more than 2,000 merchants around the world, spanning Europe, the Middle East and Asia. Nomupay acquired Totla Processing, a Manchester-based startup specializing in developing payment processing solutions, including payments, risk management, data security compliance and payment integration.
Burddige said the company has successfully completed more than 500 new merchants after receiving its last funding earlier this year, expanding its team to more than 250 employees, expected to increase by more than 70% from the previous year.
Startups generate revenue by charging fees based on the amount of transactions processed by merchants, and use payment acceptance services and payments on platforms that serve both buyers and sellers.
According to Burridge, Nomupay expects to exceed gross annual revenues and $20 million by the end of 2025. “We have proven we can demonstrate profitable growth, but with new funding, we have made the intentional decision to focus on growth within 12 months and hope for profitability.”