Finaro
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 | |
| Company 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 shift4 |
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.
History[edit]
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][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]
Services[edit]
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.[10] According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.[6]
References[edit]
- ^ a b c d e Gage, Deborah. "Credorax Banks $40M for International Expansion". WSJ. 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. 5 March 2020.
- ^ a b "Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities". Shift4. 2023-10-26. Retrieved 2023-11-22.
- ^ a b "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechCrunch. 27 October 2014.
- ^ a b "Credorax Adds Core Banking Platform". Nilson Report.
- ^ "credorax financial statement" (PDF). Credorax.com. Retrieved 2019-04-07.
- ^ "Finaro Announces its Acquisition by the American Leader in Commerce-Enabling Technology – Shift4 - in a Deal Valued at $575". Bloomberg.com. 2022-03-01. Retrieved 2023-11-22.
- ^ "Finaro (formerly Credorax) on LinkedIn: #wearefinaro #finaroisnowshift4". www.linkedin.com. Retrieved 2023-11-22.
- ^ "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times. 30 June 2020.
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