The Rise of Nomupay: A New Player in Cross-Border Payments
Remember Wirecard? The German fintech that once soared with massive investments only to crumble in a whirlwind of scandal and insolvency in 2020. Its legacy, however, lingers as legal battles continue to unravel. Yet, from the ashes of Wirecard’s collapse emerges a fresh narrative: Nomupay, a Dublin-based startup born in 2023 from some of Wirecard’s regional payment licenses, is quietly making waves in the fintech world.
Nomupay has been diligently working behind the scenes, addressing payment challenges in regions that giants like Adyen and Stripe have yet to fully penetrate. Focused primarily on facilitating cross-border transactions for merchants in Asia and the Middle East, Nomupay recently secured $37 million in Series B funding from Endeit Capital, Uneti Ventures, and previous supporters. This comes as no surprise given its impressive track record—doubling its revenue annually over the past two years with a forecasted profitability this year on an annual recurring revenue of approximately $20 million.
- Raised $37 million in Series B funding
- Projected profitability with $20 million ARR
- Valuation increased to around $200 million
“We are solving problems that haven’t been solved before,” said Peter Burridge, Nomupay’s founder and CEO.
{Peter Burridge}
So, what sets Nomupay apart? It’s carving its niche by constructing cross-border payment networks and enabling transactions between countries that larger players have bypassed due to complexity or perceived size limitations. As Burridge aptly puts it, these “monos” or monoliths offer comprehensive service packages that don’t always cater to specific needs of businesses Nomupay serves.
The fragmented payment landscape works to Nomupay’s advantage. Consider this: within Malaysia alone, there are around 20 different payment methods and wallets. Multiply these complexities across multiple regions, and you have a significant challenge that Nomupay aims to simplify.
While Burridge keeps the exact number of customers close to his chest, notable clients like Ikea use Nomupay for handling payments in countries such as Malaysia, the Philippines, and Thailand. The recent investment will fuel further mergers and acquisitions (M&A) strategies for Nomupay as they look to expand operations across Asia with targets like Indonesia, Japan, and Vietnam.
Interestingly, Nomupay’s influence isn’t confined to Asia. With operations extending to Ireland, the UK, Estonia, Turkey, Dubai, and New Zealand, their growth strategy is robust. A nod of validation comes from Uneti Ventures—initially brought in as an advisor by Endeit Capital but later investing due to their belief in the platform’s potential.
“They liked it so much they wanted to invest themselves,” Burridge shared proudly.
{Peter Burridge}
As we watch Nomupay’s journey unfold, it’s clear they are not just filling a void left by Wirecard but forging a unique path in the global payments arena.
