Irish fintech NomuPay lands $40M at a $290M valuation from SoftBank

In a move signaling the growing demand for innovative cross-border payment solutions, Irish fintech startup NomuPay has successfully secured $40 million in a Series C funding round, led by SB Payment Service (SBPS), a subsidiary of the prominent Japanese telecommunications firm SoftBank Corp. This investment brings NomuPay's valuation to an impressive $290 million. The company specializes in simplifying cross-border transactions for merchants across the fragmented payment landscape in Asia, while also catering to consumers in Europe, the Middle East and North Africa (MENA), and the United States. This latest funding comes just five months after NomuPay's previous Series B round, where it raised $37 million at a valuation of $200 million, contributing to a total funding amount of around $120 million to date. The influx of capital will be utilized for strategic expansion into key markets in Asia and beyond, as well as for potential acquisitions. According to CEO Peter Burddige, the startup is set to enhance its platform by integrating Japan's alternative payment methods (APMs), allowing global merchants to tap into the Japanese consumer market without the need for a local entity. The company also plans to incorporate SBPS cards, multi-currency settlements, and IC++ billing into its offerings. Burddige emphasizes that NomuPay’s platform allows merchants to provide local payment options effortlessly, without complicating their back-office operations. The service also includes multi-currency virtual accounts and treasury management for effective foreign exchange (FX) handling. "We empower merchants to manage their global payouts independently from their acquiring services, enabling them to tackle currency exposure and FX costs while enhancing the overall payment experience for suppliers and payees," Burddige stated. Despite the challenges businesses face in Asia, such as obtaining multiple licenses and navigating diverse regulations, there is a rising demand for access to the Asian market. NomuPay is poised to announce new services in Singapore, Indonesia, and Vietnam, significantly bolstering its presence in Oceania and Southeast Asia. In its four years of operation, NomuPay has onboarded over 2,000 merchants worldwide, including its recent acquisition of Manchester-based Totla Processing, which specializes in payment processing solutions. Following its latest funding round, the company has welcomed over 500 new merchants to its platform and anticipates a remarkable growth rate of over 70% year-on-year, with an expanded team of over 250 employees. NomuPay generates revenue through transaction volume fees and expects to achieve gross annualized run-rate revenues exceeding $45 million and net revenues of $20 million by the end of 2025. Burddige indicates that while the company is on a path of profitable growth, the new funding will primarily focus on scaling operations, with profitability expected within the next 12 months.