Wirecard, a German fintech that raised hundreds of millions of dollars only to collapse in 2020 in a sea of scandal and insolvency, still makes headlines today as lawsuits continue against different entities and people once connected to the business.
But not all that came out of it was rotten. A Dublin-based startup called Nomupay that was formed in 2023 out of some of Wirecard’s regional payment licenses has been on a quiet growth trajectory, solving payment problems in areas that bigger companies like Adyen and Stripe have yet to tackle.
Focused primarily on cross-border payments for merchants across Asia and the Middle East, Nomupay has now raised $37 million in funding to expand its business. The Series B funding — from Endeit Capital, Uneti Ventures and previous backers — comes on the heels of Nomupay’s revenue growing 100% annually for the last two years, and a projection that it will turn profitable this year on ARR of about $20 million.
We understand that Nomupay’s valuation has grown, too, to around $200 million. The company has now raised around $90 million in total, including a $53.6 million investment in 2023, from investors that included Finch Capital, the VC firm that bought the Wirecard licenses and established Nomupay to turn those licenses into a business.
Nomupay’s unique selling point is that it’s building cross-border payment rails and enabling payments for users between countries that Peter Burridge, Nomupay’s founder and CEO, claims larger players like Stripe and Adyen have overlooked for being too complex or too small. Nomupay is striking while the iron is hot: Not only are businesses in its target regions underserved, but thanks to the boom of e-commerce, they are demanding more.
Burridge refers to larger payment providers as “monos” — monoliths that require buy-in to wider suites of services that the customers who use Nomupay typically do not need, while not providing them with the facilities that they do.
At Nomupay’s advantage is that the payment landscape has always been fragmented, even within single countries, and compounding that across multiple geographies becomes even harder to parse.
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