Credorax Raises USD 40M to Become a NextGen Payment System

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Boston-based startup, Credorax has raised USD 40 million in a Private Equity funding round led by Columbus Nova Technology Partners and previous investor Blumberg Capital, in order to create an integrated, international architecture for online sellers to receive payments. According to chief executive Benny Nachman, the company aims to give online retailers one service provider for any geography around the world.

As per a TechCrunch report, including this round the company has secured USD 130 million till date. Since its launch in 2008, the company has acquired bank services and offers online payment processing under one roof.

Credorax is backed by next generation technology and provides better customer experience by its payment services and transaction approval rates. Currently, it having its operations in 28 countries including Japan, where the firm received a license from Japan’s Ministry of Finance last month.

The company is planning to receive its US license before the end of the year. Credorax consists of 200 employees and also having offices in Malta, London, Tokyo and Tel Aviv.

“The exchange of money, ideas, and services is becoming increasingly international, so countries and geographies become less important,” Nachman said. “I’m a pure play acquirer that deals with e-commerce and mobile commerce.”

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