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]

Credorax Bank Limited
TypePrivate
Finaro
IndustryFinancial services
Founded2007 (2007)
HeadquartersHerzliya, Israel
Key people
Benny Nachman (Founder & former CEO)
Igal Rotem (CEO since 2016)
Moshe Selfin (CTO & COO)
ProductsAcquiring Technology, Banking Technology, Payment Technology, Processing Services, Information Based services
Websitewww.credorax.com
finaro.com

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
  1. "Credorax Banks $40M for International Expansion". The Wall Street Journal.
  2. "Israel's Credorax CEO Eyes $200 Million IPO to Fund Expansion". Bloomberg.
  3. "Samsung SDS to Provide Its Blockchain Platform to Credorax of Israel". Business Korea.
  4. "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechCrunch.
  5. "Credorax Adds Core Banking Platform". Nilson Report.
  6. "credorax financial statement" (PDF). Credorax.com. Retrieved 2019-04-07.
  7. "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times.
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