Finch Capital-backed Nomu Pay acquires Wirecard units in Malaysia, HK

Two Wirecard AG branded red cubes rest between computer cables in this arranged photograph at the Wirecard headquarters in Munich, Germany, on Wednesday, Sept. 5, 2018. Photographer: Matthias Doering/Bloomberg

Nomu Pay, a company backed by Netherlands-based early-stage fintech investor Finch Capital, has completed two transactions to acquire Wirecard‘s APAC entities including Wirecard Payment Solutions Malaysia and Hong Kong, according to an announcement.

The transaction value was not disclosed. Along with the acquisitions, the company has also appointed Peter Burridge as Group Chief Executive Officer.

Last week, Singapore-based payments platform Nium announced an agreement to acquire scam-hit Wirecard’s operations in India. The transaction involved the takeover of Wirecard Forex India’s foreign currency exchange, pre-paid card and remittance service provider.

The acquisitions and appointment are part of Nomu Pay’s strategy to create a market-leading unified payments company focused on high-growth customer segments in Asia-Pacific, the Middle East and Europe.

Nomu Pay is in the process of closing several other transactions related to different Wirecard entities in the Philippines, Thailand and Turkey.

Wirecard APAC was started in 2017 when the German payment group Wirecard acquired Citi Bank’s acquiring portfolio and prepaid card services business in 11 countries in the region. Wirecard Asia provides financial institutions and regional merchants in the Asia Pacific with a variety of payment and issuing processing as well as fraud management solutions.

Wirecard hit headlines last month for filing bankruptcy after $2 billion from its balance sheet reportedly went missing on account of alleged accounting fraud. The company reportedly owes its creditors almost $4 billion currently.

Peter Burridge joins Nomu Pay group as CEO with more than 30 years of management and leadership experience at rapid growth technology companies. He specialises in strategic management and the global growth of financial technologies companies.

Before joining Nomu Pay, Burridge was President of Hyperwallet and has also previously served in leadership roles at Oracle, Siebel, and Travelex Global Business Payments.

To be based in Singapore, Burridge will lead Nomu Pay’s team across the region in the areas of corporate and business development, market-entry, establishment of operations, licensing and compliance.

“Nomu Pay is an innovator with the vision of transforming the payments landscape across Asia-Pacific and EMEA. The payments ecosystem has transformed because of the Covid-19 pandemic, and merchants and financial players are committed to innovation. This provides us with a unique opportunity and we are committed to achieving growth alongside our clients by bringing the latest payments technology to market,” Burridge said.

Nomu Pay is a newly-established payment company that will provide state-of-the-art payment solutions to help its clients accelerate growth in EMEA and Asia with a focus on high-growth countries. The company will focus on enabling small to large enterprises to process payments online in an effective and compliant manner.

Finch Capital, which has offices in Amsterdam, London, and Jakarta, is an early investor in several startups in Southeast Asia. These include Singapore-headquartered Grab, Indonesia’s bill payments firm Ayopop, and reimbursement platform Jojonomi.

In February, the venture capital firm, which is focused on financial technology (fintech) investments, was targeting the first close of its second Southeast Asia fund in the coming months following the first close of its $182-million Europe fund, it said in a statement.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.