Nomupay, a Dublin-based fintech startup, has raised $37 million in funding to expand its cross-border payment solutions, primarily targeting merchants in Asia and the Middle East. This investment comes on the heels of the company's impressive 100% annual growth over the past two years, with a projected annual recurring revenue (ARR) of around $20 million.

Nomupay's unique selling point lies in its ability to tackle complex payment scenarios that larger players like Adyen and Stripe have overlooked. According to Peter Burridge, Nomupay's founder and CEO, these larger payment providers are "monos" – monoliths that require buy-in to wider suites of services that the customers who use Nomupay typically do not need, while not providing them with the facilities that they do.

The payment landscape is highly fragmented, even within single countries, and becomes increasingly complex when dealing with multiple geographies. Burridge highlighted that there are over 5,000 Independent Sales Organizations (ISOs) for Visa alone, each using some kind of gateway or point of sale technology to access card schemes and payment methods. This complexity creates opportunities for Nomupay to enable smaller businesses to compete with larger players.

Nomupay's solution focuses on building cross-border payment rails, enabling payments for users between countries that have been underserved by larger payment providers. The company has already gained traction, with clients like Ikea, which uses Nomupay for payments in its stores across Malaysia, Philippines, and Thailand.

The latest funding round, led by Endeit Capital, Uneti Ventures, and previous backers, will be used to continue Nomupay's M&A strategy. The company is currently in talks with a fintech in Singapore to secure a money license for the country and plans to expand its operations to Indonesia, Japan, and Vietnam, among other regions.

Notably, Uneti Ventures, founded by Adyen's earliest employees, became an investor after being brought in as an advisor to run due diligence. This vote of confidence is a testament to Nomupay's platform and its potential for growth.

Nomupay's valuation has grown to around $200 million, with a total of $90 million raised to date. The company's quiet growth trajectory is a stark contrast to the collapse of Wirecard, the German fintech that raised hundreds of millions of dollars before imploding in 2020. Nomupay was formed in 2023, leveraging some of Wirecard's regional payment licenses to build its business.

As the e-commerce boom continues to drive demand for cross-border payment solutions, Nomupay is well-positioned to capitalize on this trend. With its unique approach and growing valuation, the company is set to make a significant impact in the fintech industry.