Credorax has secured $40 million in funding. The investors in this round were Columbus Nova Technology Partners and return backer Blumberg Capital. Headquartered in Southborough, Mass., Credorax provides online payment processing and acquiring bank services for digital merchants.
Boston, MA – October 28, 2014 – Credorax, the digital merchant acquirer, today announced an additional $40 million growth equity investment to support continued global expansion. The $40M funding is comprised of two investments: $25M from Columbus Nova Technology Partners, a growth fund headquartered in NYC and Silicon Valley, as well as $15M from Blumberg Capital, an existing shareholder.
This new round of funding, coupled with existing from FTV Capital and Mobile Internet Capital, Inc., brings total company investment to over $100 million.
“We are excited to have our new and existing investment partners share in creating a vision of achieving e-commerce without borders on a global scale,” said Benny Nachman, founder and CEO of Credorax. “They share our passion and constitute an ideal match given their track record of backing global technology innovation.”
A principal member of Visa and MasterCard, Credorax is one of the first technology companies to become a licensed merchant acquiring bank. Aiming to provide global coverage of payment processing over a single, unified platform, Credorax is now a licensed Acquirer in 28 countries. Known as the “Smart Acquiring” platform, through a single, completely automated and digital API, merchants and payment service providers can conduct all of their online payments business through one source instead of fragmented solutions dispersed in different “silo” global regions.
Due to the fact that Credorax is a licensed acquirer in each local jurisdiction within the countries it practices banking in, cross-border merchants that enter these local markets deal with local vs. foreign banking fees. In other words, they significantly reduce the banking and exchange fees associated with cross-border e-commerce.
Credorax’s Smart Acquiring solutions are based on its proprietary payment platform, ePower™ a Unified Transaction Processing & Acquiring platform built to optimize the payment and acquiring lifecycle process for multi-channel retail environments. Credorax is the first high-tech company to become a principal member of Visa and MasterCard and a PSD-licensed financial institution in Europe. For more information please visit www.credorax.com or follow on Twitter @credorax.