NomuPay Raises $40M in Series C, Valued at $290M

Irish fintech startup NomuPay has secured $40 million in Series C funding, led by SB Payment Service (SBPS), a subsidiary of SoftBank Corp. This investment values NomuPay at $290 million.

Funding to Fuel Expansion and Acquisitions

This latest funding round follows a $37 million Series B round just five months prior, bringing NomuPay's total funding to approximately $120 million. The company plans to use the new capital to expand its presence in key regions, particularly across Asia. Acquisitions are also on the horizon.

NomuPay simplifies cross-border payments for merchants navigating the complex Asian payment landscape. The platform also supports merchants and customers in Europe, the Middle East, North Africa (MENA), and the U.S.

Focus on Asia Pacific and New Payment Methods

Starting immediately, we will be adding Japan APMs (alternative payment methods) to our platform, enabling merchants worldwide to connect with Japanese consumers without needing a local entity.

CEO Peter Burddige shared in an interview. He also indicated plans to integrate SBPS cards, multi-currency settlement, and IC++ billing into the platform.

Simplifying Cross-Border Payments for Merchants

NomuPay's platform empowers merchants to offer more local payment options without increasing back-office complexity. It also provides multi-currency virtual accounts and treasury services to streamline foreign exchange (FX) management.

We enable merchants to manage global payouts independently from their acquiring service. This allows them to control currency exposures, FX costs, and the overall payment experience for suppliers and payees. We leverage local payment networks to minimize costs and maximize transparency and speed.

Burddige added.

Addressing the Challenges of Asian Expansion

Expanding businesses in Asia often face hurdles with licensing, regulations, and diverse payment methods. These challenges can lead to costly and complex back-office operations. NomuPay aims to address these complexities and improve accessibility to the Asian market.

Growth and Future Plans

NomuPay is nearing announcements for expanded coverage in Singapore, Indonesia, and Vietnam, strengthening its presence in Oceania and Southeast Asia. The four-year-old startup now serves over 2,000 merchants globally and recently acquired Total Processing, a UK-based payment processing solutions provider.

Following its previous funding round, NomuPay onboarded over 500 new merchants, anticipates over 70% year-over-year growth, and expanded its team to over 250 employees. The company generates revenue through transaction fees and aims to exceed $45 million in gross annualized run-rate revenues and $20 million in net revenue by the end of 2025.

While focused on growth, NomuPay expects to achieve profitability within the next 12 months.