NomuPay bags $37m to facilitate unified payments access in Asia
By Gloria Mathias
Dublin-based NomuPay has completed a third investment round of $37 million, bolstering its ambition to open the complex Asian market to international acquirers, merchants, Payment Service Providers (PSPs) and Independent Sales Organisations (ISOs).
Endeit Capital led the final $12 million tranche of the September fundraising, with Uneti Ventures (backed by early Adyen employees) participating. Existing investors continued their support, contributing $25 million over the last 18 months.
The investment will fuel the expansion in Asia of integrated payment platforms for European, US, and ROW players through a single API integration for e-commerce and POS acquiring and global payouts.
The payments business in Asia is highly fragmented. Differing local regulations and myriad payment method preferences mean growing companies require multiple relationships to cover the region. This leads to significant back-office complexity and reduced transparency of actual costs. Access through a single, integrated platform alleviates this to support growth.
Peter Burridge, CEO of Nomupay, said, “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, 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 latest round follows successful series A rounds of $53.6 million from Finch Capital and other investors in 2023, bringing the total to just under $90 million to date.
Providing the service for partners has been a core part of Nomupay’s trajectory and success to date. Experienced new hires with local market expertise have been enlisted to focus on and further drive organic growth. Expansion plans include additional markets, local hires, and partnerships in Singapore, Indonesia, Japan, and Vietnam, adding to the existing local presence in the region in Kuala Lumpur, Singapore, the Philippines, Hong Kong, and Thailand.
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