Finaro (the
trading name of Credorax, Inc.), is an
Israel-based online merchant
acquiring bank and
payment service provider (PSP).
The company was established in 2007 by Benny Nachman. The company operates in the
European Union,
United States, and
China
China, officially the People's Republic of China (PRC), is a country in East Asia. It is the world's most populous country, with a population exceeding 1.4 billion, slightly ahead of India. China spans the equivalent of five time zones and ...
.
History
Credorax was founded as a
financial technology startup
A startup or start-up is a company or project undertaken by an entrepreneur to seek, develop, and validate a scalable business model. While entrepreneurship refers to all new businesses, including self-employment and businesses that never intend t ...
in 2007, in
Southborough Massachusetts by Benny Nachman.
From its start, the company launched and developed as an online acquiring bank acting as an intermediary between
issuing banks or
payment service providers and
e-commerce merchants.
The initial funding was provided by Blumberg Capital.
By 2014, the company received nearly $130 million in venture funding from Blumberg Capital, FTV capital and other investment firms.
In 2010, the company was licensed to operate under the EU
Payment Services Directive (PSD). In 2014, it obtained commercial banking license in
Japan
Japan ( ja, 日本, or , and formally , ''Nihonkoku'') is an island country in East Asia. It is situated in the northwest Pacific Ocean, and is bordered on the west by the Sea of Japan, while extending from the Sea of Okhotsk in the north ...
and in 2015, the company received a commercial banking license in Malta allowing it to operate withing the European Union.
Processing a volume of over $4.3 Billion in 2019.
Services
In technological terms, Finaro is both an acquiring merchant bank and a payment processing provider (PSP), via its
payment gateway technology, Source, which facilitates multi-channel payment processing, fraud and risk management services.
According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.
References
Payment service providers
Merchant services
Financial technology companies
Financial services companies established in 2007
Financial software companies
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