Irish fintech startup Nomupay has completed a third investment round of $37 million at a $200 million valuation. The final $12 million tranche of the September fundraise was led by Endeit Capital (which backed Lepaya and Happeo) with Uneti Ventures (backed by early Adyen employees). Existing investors continued their support, contributing $25 million over the last 18 months.
The latest round follows the Series A round of $53.6 million from Finch Capital and other investors in 2023, bringing the total to just under $90 million to date.
Asian expansion on cards
This investment will bolster the firm’s ambition to open up the complex Asian market to international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs). It will also accelerate expansion of integrated payments platforms for European, US and ROW players in Asia through a single API-integration for e-commerce and POS acquiring, and global payouts.
Its 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.
Why does it plan to grow in Asia?
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.
Cross-border payments made seamless
Founded in 2021 and led by CEO Peter Burridge, NomuPay’s Unified Payment (uP) Platform makes it easy to accept payments and send payouts across borders through a single integration. The platform provides omnichannel payments acceptance and payout disbursements through a single API integration. The company provides ambitious global enterprises with an ‘all access pass’ for payments in Southeast Asia, Turkey and Europe.
uP Platform’s secure API unlocks a wide range of payment acceptance methods, including card, buy-now-pay-later solutions, instalment payment plans, and local alternative payment methods in several countries. It provides payment providers, large enterprises, and sophisticated marketplaces with end-to-end payment visibility and traceability based on the organisation’s unique payment workflows.
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.
Eyes profitability in 2025
Steady investment has seen Nomupay exceed 100% growth per annum over two years and the company is expected to reach profitability in 2025. It will also witness strong organic growth to date, and ongoing M&A activity, which includes the acquisition of Manchester-based Total Processing in 2023.
Peter Burridge, CEO of Nomupay, said, “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.”
Jonne de Leeuw, Partner of Endeit Capital, said, “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.”
Jeroen Netten, Uneti Ventures, added, “This is the first time I have come across this unique agnostic approach to enabling growth expansion for other acquirers.’’
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