NomuPay, an Irish-based fintech startup, has closed an eye watering $40 million in its Series C funding round. That funding increase has catapulted its valuation to an astounding $290 million. This round was led by SB Payment Service (SBPS), a subsidiary of Japanese telecommunications conglomerate SoftBank Corp. With this investment, NomuPay will be able to strengthen its services and develop its footprint across Asia & Oceania.
NomuPay was created to provide a seamless global payment solution. Now, it’s serving more than 2,000 merchants all over Europe, the Middle East and Asia and is still growing like crazy. To do this the startup uses local payment networks that allow them to reduce costs and increase transparency and speed in their transactions.
Peter Burddige, the CEO of NomuPay expressed excitement about the company’s strategic focus leading up to the new funding. “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,” he stated. From day one, NomuPay has been dedicated to scaling. Since its last funding round earlier this year, the company has added more than 500 new merchants to its AP platform.
The most recent funding will help power NomuPay’s expansion into additional markets. The firm is expected to unveil further coverage in Singapore, Indonesia and Vietnam in the next few months. These expansions will immensely increase its current operational footprint in the Oceania and Southeast Asia regions.
As part of such plans for growth, NomuPay plans to incorporate SBPS cards into its platform. This new addition will further enrich its already robust offerings to merchants and consumers, providing merchants with increased, flexible payment options. NomuPay is developing to support multi-currencies settlements and IC++ billing system which will drastically automate the financial operations of its users.
Burddige continued, stating that all of these developments are critical to enabling cross-border merchants worldwide. We empower merchants that receive payouts worldwide, decoupled from their acquiring agreement. This savings directly increases the merchant’s bottom line and provides them more flexibility to manage their currency exposures and FX costs. Further, it boosts their suppliers’ and payees’ overall payment experience, he added.
Along with broadening its market presence, NomuPay has been focused on deepening its technological infrastructure. Now any merchant in the world can easily reach Japanese consumers. By plugging alternative payment methods (APMs) popular in Japan through their platform, they do not require a local entity in Japan anymore.
Having recently completed an expansion capital round, led by VestedWorld, NomuPay is firmly focused on big growth ahead. This puts the company at the forefront of the changing fintech environment. The company is fully committed to leveraging local payment networks and cutting-edge technology. This strategy remains innovative and competitive while providing the flexibility and choice it’s growing international network of merchants.
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