SoftBank Invests $40M in Irish Fintech Nomupay

In order to develop in Asian nations like Japan, Irish fintech Nomupay announced on Tuesday that it has secured a $40 million investment from a division of SoftBank Corp and opened a new tab at a valuation of $290 million.

There is a growing need for a variety of cross-border payment methods as international trade develops. For this reason, at a $290 million valuation, SB Payment Service (SBPS), a division of the Japanese telecom giant SoftBank Corp, has invested $40 million in a fintech firm based in Ireland named Nomupay.

After purchasing licenses from Wirecard, a payments company that had failed a year earlier in Germany’s largest post-war fraud scandal, Nomupay began operations in 2021.

Nomupay facilitates cross-border payments for merchants and their clients in Europe, MENA, and the United States, as well as for businesses operating in Asia’s disjointed payment system.

The company has raised about $120 million in total, with the most recent Series C fundraising round coming about five months after its previous $37 million Series B investment round at a $200 million valuation in January earlier this year.

The fresh funding will be used by the business for acquisitions and the next stage, which entails growing its presence in important areas, such as Asia and beyond. To reach both current and new sites, it will also intensify its efforts to scale its operations and sales.

In an interview with TechCrunch, Peter Burridge, CEO of Nomupay, stated, “We will be adding Japan APMs [alternative payment methods] to our platform starting immediately, enabling the rest of the world merchants to plug into us and get access to Japanese consumers without having to have an entity in Japan.”

In a market dominated by companies like Stripe and Adyen, Nomupay is a payment processor that specializes in both local and international payments.

According to Burridge, the business also intends to incorporate IC++ billing, multi-currency settlement, and SBPS cards into its platform. Burridge further stated, “We want to turn a profit by the end of the year.”

According to the CEO of the startup, his technology enables businesses to provide their clients with more local payment choices without complicating their back office. In order to help retailers manage their foreign exchange (FX), it also offers treasury services and multi-currency virtual accounts.

“We give merchants the ability to control their worldwide payouts independently of their acquiring service. This gives the retailer the ability to control their foreign exchange expenses, currency exposures, and the whole supplier and payee payment process. To save expenses and increase speed and transparency, we employ local payment networks,” Burridge added.

Growing companies in Asia frequently struggle to manage several payment methods, navigate a variety of rules, and get multiple licenses, which can lead to complex and expensive back-office operations. Nonetheless, more businesses are looking for accessibility in order to cater to the Asian market.

Burridge told TechCrunch that the business is almost ready to announce expanded coverage in Vietnam, Indonesia, and Singapore, which will greatly increase its footprint in Oceania and Southeast Asia.

Over 2,000 merchants across Europe, the Middle East, and Asia are being served by the four-year-old firm. In November 2023, Nomupay purchased Total Processing, a Manchester-based firm that specializes in creating payment processing solutions, such as risk management, recurring payments, data security compliance, and payment interfaces.

Burridge said that after receiving its previous round of funding earlier this year, the company has successfully onboarded over 500 new merchants, is set to improve its growth by over 70% year over year, and has increased its staff to over 250 workers.

The firm makes money by charging fees based on the volume of transactions performed by merchants, employing payment acceptance services and payouts on platforms that serve both buyers and sellers.

Burridge estimates that by the end of 2025, Nomupay will have generated over $45 million in gross yearly run-rate revenue and $20 million in net revenue. “With the new funding, we have consciously chosen to concentrate on growth and anticipate profitability within a year, even though we have demonstrated that we can demonstrate profitable growth.”