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

Summary

As global trade evolves, there’s an increasing demand for diverse cross-border payment options. That’s why an Irish-based fintech startup called NomuPay has raised $40 million in a Series C round from SB Payment Service (SBPS), a subsidiary of Japanese telco giant SoftBank Corp, at a valuation of $290 million. NomuPay makes it easier for merchants to process cross-border payments across the fragmented payment system in Asia, as well as for merchants and their customers in Europe, MENA, and the U.S. The latest Series C funding round comes roughly five months after its previous $37 million Series B funding round at a $200 million valuation in January earlier this year, bringing its total raised to approximately $120 million. The startup will use the new capital for the next phase, which involves expanding its reach in key regions, including Asia and beyond, as well as acquisitions. In addition, it will double down on scaling its sales and operations to reach both existing and new locations. “Starting immediately, we will be adding Japan APMs [alternative payment methods] to our platform, enabling the rest of world merchants to plug into us and get access to Japanese consumers without having to have an entity in Japan,” Peter Burddige, CEO of NomuPay said in an interview with TechCrunch. Burddige says it also plans to add SBPS cards to its platform, as well as multi-currency settlement and IC++ billing. The startup CEO says his platform allows merchants to offer more local payment options to their customers without adding complexity to their back office. Additionally, it provides merchants with multi-currency virtual accounts and treasury services to manage their foreign exchange (FX). “We enable merchants to manage their global payouts decoupled from their acquiring service. This enables the merchant to manage their currency exposures, their FX costs, and the entire payment experience of their suppliers and payees. We use local payment networks to minimize costs and m...