Payments

Credorax, payment processor raises $40 Mn from FTV Capital and others

Credorax was founded in 2008 by a high-tech executive and serial entrepreneur with over 10 years of experience in the online payments market, Mr. Benjamin Nachman. According to Benjamin Nachman, CEO of Credorax, the internet economy is expected to grow almost 10% per annum through to 2016, representing a $4.2 Tn contribution to the G-20's total GDP in 2016.

Credorax secured a $40 Mn financing round from FTV Capital.  Other investors include Blumberg Capital and Mobile Internet Capital. The company mainly serves PSPs, ISOs and online merchants in the 27 eurozone countries, but it also maintains offices in Israel and Tokyo. Since its launch, Credorax has raised nearly $100 Mn to fund its proprietary online payment processing platform - what it calls “Smart Acquiring.”

 Credorax's Smart Acquiring solutions are based on its proprietary payment platform, ePower™ which is a Unified Transaction Processing & Acquiring platform for the payment (and acquiring lifecycle) process, in multi-channel retail environments. Credorax claims to provide online payment processing, credit card acquiring, and fraud protection services to online and mobile merchants worldwide with customized, multi-currency, international payment solutions. Its solutions include an e-commerce and m-commerce payment processing gateways. Features such as web-based charts and reports; shopping cart and data management solutions; and Credorax Mobile Management Console are included.

 The company has combined its three core offerings of Licensed International Acquirer, Innovative Business Solutions and NextGen Technology into one unique Smart Acquiring solution designed to provide with a unique acquiring experience. Credorax is the first high-tech company to become a principal member of Visa and MasterCard and a PSD-licensed financial institution in Europe-across all 27 EU member states.

 Some of the major competitors in the field include big acquirers such as Barclays and WorldPay.  WorldPay claims to process millions of payments every day, for every type of business - Online, face to face and over the phone, their customers can accept every major card, bank transfers, direct debits and a variety of local cards.

 LTP View : The company's proprietary platform (ePower™) was built to transcend many of the challenges faced by traditional acquirers relying on legacy systems originally used for “card present” (point of sale) acquiring. As the $1Tn plus global e-commerce market continues to rapidly evolve, Credorax may be uniquely positioned to address the changing needs of new and traditional business models in a card-not-present environment.

Chiraag Patel

Chiraag Patel is a Senior Reporting Analyst and the Editor of Bitcoin and Virtual Currency channels at Lets Talk Payments. He is an engineer with deep interest in MMORPG, Virtual Banking, Game Currency and Virtual Cash. Chiraag enjoys Reading& Blogging with focus on New Innovation, Technology & Startups in the Payments Space.

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