Dublin-headquartered Nomupay has completed a third investment round of $37 million at a $200 million valuation, bolstering the firm’s ambition to provide an all access pass to the highly fragmented Asian market to international acquirers, merchants, Payment Service Providers and Independent Sales Organisations.
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.
Nomupay’s Unified Payments (UP) platform has been built to enable online, POS and payout capability in multiple Asian, European and Middle Eastern markets simultaneously through a single API.
The business was formed by VC Finch Capital out of its 2021 acquisitions of Wirecard assets, specifically local licenses across Turkey and Asia Pacific, as well as separate businesses like Cardinity out of Lithuania to cover European territory.
Peter Burridge, former head of operations payouts at PayPal and 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.”
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.
The new funds will be deployed to boost M&A activity following the acquisition of Manchester-based Total Processing in 2023, and to fund expansion plans. These 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.