Nomupay: Quietly Revolutionizing Cross-Border Payments
In the wake of Wirecard’s dramatic collapse in 2020, the fintech world has been abuzz with legal battles and controversy. Yet, amidst this turbulence, a new player has emerged from Wirecard’s shadows—Nomupay. This Dublin-based startup, founded in 2023, has been making significant strides by addressing payment challenges in regions often ignored by giants like Adyen and Stripe.
Nomupay recently secured $37 million in Series B funding from Endeit Capital, Uneti Ventures, and previous backers. This comes as no surprise given their impressive 100% annual revenue growth over the past two years and a projected profitability on an ARR of approximately $20 million this year. According to insiders, Nomupay’s valuation now stands at about $200 million.
“We are solving problems that haven’t been solved before,” says Peter Burridge, Nomupay’s founder and CEO.
{Peter Burridge}
The startup is leveraging its unique position to build cross-border payment infrastructure, enabling transactions between countries in Asia and the Middle East—areas larger players have overlooked due to complexity or perceived market size. Burridge humorously refers to these large providers as “monos,” or monoliths, which tend to bundle unnecessary services without offering solutions that meet specific regional needs.
- Operations in Kuala Lumpur, Singapore, Philippines, Hong Kong, Thailand
- Expansion plans for Indonesia, Japan, Vietnam
- Presence in Ireland, UK, Estonia, Turkey, Dubai, New Zealand
Nomupay’s approach is proving effective in fragmented markets where multiple payment methods coexist even within single countries. Take Malaysia for instance—with over 20 different payment methods and wallets—integrating these into seamless solutions can be daunting for many businesses.
“There are more than 5,000 ISOs for Visa alone,” Burridge notes. “We enable everyone else to compete with bigger businesses.”
{Peter Burridge}
Nomupay counts notable clients like Ikea among its customers, managing payments in Malaysia, the Philippines, and Thailand. The fresh investment will fuel their M&A strategy as they eye new markets and potential acquisitions to bolster their offerings.
Interestingly, Uneti Ventures—a firm founded by Adyen’s earliest employees—joined as an investor after initially coming on board as an advisor. “They liked it so much they wanted to invest themselves,” Burridge shares with pride. Such endorsements validate Nomupay’s innovative platform and potential for disrupting traditional payment landscapes.
