- The new investment will accelerate expansion in Asia of integrated payments platfo for European, US and ROW players through a single API-integration for e-commerce and POS acquiring, and global payouts;
- NomuPay has made key hires, undertaken successful M&A activity, and struck key partnerships. These form the cornerstone of its goal to forge the “Star Alliance” of payments in Southeast Asia, providing an “all access pass”, to compete with dominant ‘Monos’;
- Latest round brings total funding raised close to $90m, continuing the more than 100% growth year-on-year, and strong momentum towards expected profitability in 2025. DUBLIN, under embargo until 06:00 at Xth MONTH 2024
DUBLIN, under embargo until 06:00 at Xth MONTH 2024
NomuPay has completed a third investment round of $37m, bolstering the firm’s ambition to open up the notoriously complex Asian market to international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs). The final $12m tranche of the September fundraise was led by Endeit Capital, with Uneti Ventures (backed by early Adyen employees) participating. Existing investors continued their support, contributing $25m over the last 18 months.
The payments business in Asia is highly fragmented. Differing local regulations and myriad payment method preferences mean growing companies require multiple relationships to cover the region, leading to significant back-office complexity and reduced transparency of real costs. Access through a single, integrated platform, alleviates this to support growth.
Peter Burridge, CEO of Nomupay, says, “At present, so many organisations are beholden to the dominant global gateway acquirers, known as ‘Monos’. In many cases, these platforms only provide access to certain countries, only facilitate certain payment methods, and necessitate that customers use their gateway.
“Global and regional enterprises scaling in the Asian market need a more sophisticated and less prescriptive approach. At Nomupay, it is our goal to become the go-to payments platform to unlock Asia for companies globally and vice versa.”
Answering demand from Europe and the US, Nomupay’s Unified Payments (UP) platform will enable online, POS and payout capability in multiple Asian, European and Middle Eastern markets simultaneously through a single API.
The gateway-agnostic omnichannel acceptance and disbursements offering will also address the need for easy scalability due to its single back-office platform. NomuPay leverages AI to provide robust data management and reporting capabilities as well as enhanced business strategy decisions through provision of greater insights.
Organic growth for 2025, buoyed by strong M&A activity and indirect growth
The latest round follows successful series A rounds of $53.6m from Finch Capital and other investors in 2023, bringing the total to just under $90m to date. Steady investment has seen Nomupay exceed 100% growth per annum over two years and the company is expected to reach profitability in 2025.
Jonne de Leeuw, Partner of Endeit Capital, says, “Nomupay has recognised and addressed a major deficiency in the payments landscape and is bringing both innovation and access to the EMEA and APAC markets, while unlocking further potential through local licenses and vertical focus.
“We are very pleased to participate in the development of NomuPay, and support the ambitious team as they continue to grow and scale. The business has significant global potential, and we look forward to playing our part in its success.”
Providing the service for partners has been a core part of Nomupay’s trajectory and success to date. Investments will strengthen operations within Asia and globally, helping partners and merchants protect and expand their customer relationships in new markets.
Jeroen Netten, Uneti Ventures, says, “This is the first time I have come across this unique agnostic approach to enabling growth expansion for other acquirers.’’
Experienced new hires with local market expertise have been enlisted to focus on and further drive organic growth. These include seasoned sales leaders Judith Loh (ex-Worldpay) and Alson Lau (ex-BBSML).
This will boost already strong organic growth to date, and ongoing, successful M&A activity, which includes the acquisition of Manchester-based Total Processing in 2023.
Expansion plans include additional markets, local hires and partnerships in Singapore, Indonesia, Japan and Vietnam, adding to existing local presence in the region in Kuala Lumpur, Singapore, Philippines, Hong Kong and Thailand.
For more information, checkout TechCrunch’s article.
