Credorax, a digital merchant acquirer, has raised an additional $40 million growth equity investment to support its continued global expansion so that it can provide support for the payments received by on-line retailers anywhere in the world.
The funding is comprised of two investments; $25 million from Columbus Nova Technology Partners, a growth fund headquartered in NYC and Silicon Valley, and $15 million 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.
If you shop on line then you may have wondered how all of those internet merchants check your credit card information and store it for later purchases. You also probably wondered how your credit card is processed if you are in one country like America and buy something from a merchant on the other side of the world like Germany or Japan, especially when the price is listed in Euros or Yen and you get billed in Dollars.
Companies like Cedorax make all of that possible.
An Israeli-American firm headquartered in Boston, Credorax’s Smart Acquiring solutions are based on its proprietary payment platform, ePower a Unified Transaction Processing & Acquiring platform that the company says is 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.
“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. The company says that it aims to provide global coverage of payment processing over a single, unified platform, Credorax is now a licensed Acquirer in 28 countries.
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. They significantly reduce the banking and exchange fees associated with cross-border e-commerce.