Finaro
Finaro (the trading name of Credorax, Inc.), is an Israel-based online merchant acquiring bank and payment service provider (PSP).[1][2] The company was established in 2007 by Benny Nachman. The company operates in the European Union, United States, and China.[3]
Type | Private |
---|---|
Finaro | |
Industry | Financial services |
Founded | 2007 |
Headquarters | Herzliya, Israel |
Key people | Benny Nachman (Founder & former CEO) Igal Rotem (CEO since 2016) Moshe Selfin (CTO & COO) |
Products | Acquiring Technology, Banking Technology, Payment Technology, Processing Services, Information Based services |
Website | www finaro |
History
Credorax 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][4] 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][4]
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.[5] Processing a volume of over $4.3 Billion in 2019.[6]
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.[7] According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.[5]
References
- "Credorax Banks $40M for International Expansion". The Wall Street Journal.
- "Israel's Credorax CEO Eyes $200 Million IPO to Fund Expansion". Bloomberg.
- "Samsung SDS to Provide Its Blockchain Platform to Credorax of Israel". Business Korea.
- "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechCrunch.
- "Credorax Adds Core Banking Platform". Nilson Report.
- "credorax financial statement" (PDF). Credorax.com. Retrieved 2019-04-07.
- "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times.