NomuPay Raises $37M to Expand Payments in Asia

The Aftermath of Wirecard: NomuPay's Rise

The collapse of Wirecard, a German fintech firm embroiled in scandal and insolvency in 2020, continues to generate legal proceedings involving former associates and related organizations. However, from the wreckage emerged a new entity.

NomuPay, a Dublin-based startup established in 2023, leveraged some of Wirecard’s regional payment licenses to forge its own path. The company has experienced steady growth, focusing on payment solutions that larger corporations like Adyen and Stripe haven’t fully addressed.

Securing Funding for Expansion

NomuPay has successfully secured $37 million in a Series B funding round. This investment, led by Endeit Capital, Uneti Ventures, and existing investors, follows two years of 100% annual revenue growth.

The company projects profitability within the current year, anticipating an Annual Recurring Revenue (ARR) of approximately $20 million. NomuPay’s valuation is now estimated at around $200 million.

To date, the company has raised a total of $90 million, including a $53.6 million investment in 2023. This earlier funding involved Finch Capital, the venture capital firm that acquired the Wirecard licenses and subsequently founded NomuPay.

Addressing Underserved Markets

NomuPay differentiates itself by concentrating on cross-border payment infrastructure for merchants operating in Asia and the Middle East. Founder and CEO Peter Burridge explains that the company targets markets often considered too complex or too small by industry giants like Stripe and Adyen.

The timing is strategic; businesses in these regions are experiencing increased demand for services and a surge in transaction volumes driven by the growth of e-commerce.

A Different Approach to Payment Solutions

Burridge characterizes larger payment providers as “monos,” suggesting they often require customers to adopt comprehensive service packages that may not align with their specific needs. NomuPay, conversely, focuses on delivering tailored solutions.

This includes providing localized payment services in various currencies and integrating the most popular payment methods within each individual market.

Navigating a Fragmented Landscape

The payment ecosystem is inherently fragmented, even within single countries. This complexity is amplified when operating across multiple geographies. There are over 5,000 ISOs (Independent Sales Organizations) for Visa alone.

These ISOs rely on gateways and point-of-sale technology to access card schemes and payment methods. NomuPay aims to empower these entities to compete effectively with larger players.

Complexity of Regional Payment Methods

Consider Malaysia, which features approximately 20 distinct payment methods and 20 different digital wallets. Supporting this diversity at the point of payment presents a significant challenge, a challenge that multiplies with each additional country.

“We are solving problems that haven’t been solved before,” Burridge asserts. While the company hasn’t disclosed its exact customer count, it includes prominent clients like Ikea, which utilizes NomuPay for payments in its Malaysian, Philippine, and Thai stores.

Strategic Acquisitions and Future Expansion

The new investment will also fuel NomuPay’s Mergers and Acquisitions (M&A) strategy. The company currently maintains operations in Kuala Lumpur, Singapore, the Philippines, Hong Kong, and Thailand.

Currently, NomuPay is engaged in discussions with a Singapore-based fintech company, with the primary goal of securing a license to operate within the country. Further expansion targets include Indonesia, Japan, and Vietnam.

Growth in Merchants and Revenue

As of now, NomuPay’s platform supports 1,611 merchants, representing a 20% increase over the past year. The company attributes the disparity between merchant growth (20%) and revenue growth (100%) to existing merchants increasing their transaction volumes.

A spokesperson explained that the company is attracting more mid-market and enterprise clients, which offer greater revenue potential, both directly and through partnerships.

Global Presence

Beyond Asia, NomuPay also has a presence in Ireland (Dublin), the U.K. (London and Manchester, following the acquisition of Total Processing), Lithuania (Vilnius), Turkey (Istanbul), Dubai, and New Zealand.

Investor Confidence

Burridge highlights the confidence shown by Uneti Ventures, founded by early Adyen employees. Uneti initially joined as an advisor to conduct due diligence at the invitation of Endeit Capital and subsequently decided to invest independently. “They liked it so much they wanted to invest themselves,” Burridge stated, viewing this as a strong validation of the platform.

Updated with detail about its customer base.