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NomuPay Secures $37M to Expand Cross-Border Payments

Payment and Card

Business Honor
07 January, 2025

NomuPay raises $37M to enhance cross-border payment solutions, targeting underserved regions in Asia and the Middle East for growth.

NomuPay has quietly grown to be a major player in cross-border payments, starting from regional payment licenses of Wirecard. Founded in 2023, the company managed to raise $37 million in its Series B funding round from Endeit Capital, Uneti Ventures, and other prior investors. This puts NomuPay's total funding at around $90 million - quite a significant contender for the industry.

NomuPay focuses mostly on solving payment challenges for merchants in Asia and the Middle East, the regions where companies like Adyen and Stripe have significantly less market coverage. The company has seen immense growth with revenue that is doubling every year for the past two years. In fact, the company already projects to reach profitability by 2025 and annual recurring revenue (ARR) of $20 million.

The company's niche is the fact that it allows localized payment solutions across different geographies. According to him, CEO Peter Burridge describes larger payment providers as "monoliths" that bundle services many businesses do not need while NomuPay is focused on the simplification of cross-border transactions through the acceptance of local payment methods and currencies. For instance, in Malaysia alone, NomuPay supports more than 20 payment methods and wallets, a challenge many global giants shy away from.

NomuPay has now signed up 1,611 merchants to date, among which are the likes of Ikea that use NomuPay for its payment in Malaysia, the Philippines and Thailand. It is looking to further grow its footprint into markets in Indonesia, Japan, and Vietnam, besides pursuing its mergers and acquisition strategy.

As companies grow rapidly across borders, emerging market growth, and need for specialized approaches to cross-border payments, a company like NomuPay could be positioned for leadership in that charge.