Ireland-based fintech Nomupay has completed a third investment round of $37M, bolstering the firm’s ambition to open up the Asian market. The final $12M tranche of the September fundraise was led by Endeit Capital, with Uneti Ventures (backed by early Adyen employees) participating. Existing investors continued their support, contributing $25m over the last 18 months.

The payments business in Asia is highly fragmented, with differing local regulations and myriad payment method preferences meaning that growing companies requires multiple relationships to cover the region, leading to significant back-office complexity and reduced transparency of real costs. Nomupay hopes to connect these disparate markets. The company will target international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs).

Peter Burridge, CEO of Nomupay, commented:

“At present, so many organisations are beholden to the dominant global gateway acquirers, known as ‘Monos’. In many cases, these platforms only provide access to certain countries, only facilitate certain payment methods, and necessitate that customers use their gateway.

“Global and regional enterprises scaling in the Asian market need a more sophisticated and less prescriptive approach. At Nomupay, it is our goal to become the go-to payments platform to unlock Asia for companies globally and vice versa.” 

Answering demand from Europe and the US, Nomupay’s Unified Payments (UP) platform will enable online, POS and payout capability in multiple Asian, European and Middle Eastern markets simultaneously through a single API.

The company leverages AI to provide robust data management and reporting capabilities as well as enhanced business strategy decisions through provision of greater insights.

The latest round follows successful series A rounds of $53.6m from Finch Capital and other investors in 2023, bringing the total to just under $90m to date.

Jonne de Leeuw, Partner of Endeit Capital, added: “Nomupay has recognised and addressed a major deficiency in the payments landscape and is bringing both innovation and access to the EMEA and APAC markets, while unlocking further potential through local licenses and vertical focus.”