|
Finaro
Finaro (the trading name of Credorax, Inc.), is an Israel-based online merchant acquiring bank and payment service provider (PSP).[1][2] Established in 2007 by Benny Nachman, the company operates in the European Union, United States, and China.[3] In October 2023 Finaro was acquired by Shift4[4] and now operates under the Shift4 brand name. HistoryCredorax was founded as a financial technology startup in 2007, in Southborough Massachusetts by Benny Nachman.[1] 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.[1][5] The initial funding was provided by Blumberg Capital.[1] By 2014, the company received nearly $130 million in venture funding from Blumberg Capital, FTV capital and other investment firms.[1][5] In 2010, the company was licensed to operate under the EU Payment Services Directive (PSD). In 2014, it obtained commercial banking license in Japan and in 2015, the company received a commercial banking license in Malta allowing it to operate within the European Union.[6] Processing a volume of over $4.3 Billion in 2019.[7] In March 2022, Finaro announced its acquisition by US payments company Shift4 in a deal valued at USD 575 million.[8] The deal took some time to get approved by the required institutions, after which the acquisition was completed on October 26, 2023.[4] On November 13, 2023 Finaro announced that it was rebranding as Shift4 and was operating under the Shift4 brand name from that day onwards.[9] ServicesIn 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.[10] According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.[6] References
|
||||||||||||||||||||||
Portal di Ensiklopedia Dunia
