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Finaro

Topic: Company

 From HandWiki - Reading time: 2 min
Short description: Payment processing company
Credorax Bank Limited
TypePrivate
Finaro
IndustryFinancial services
Founded2007; 17 years ago (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
shift4.com

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

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

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

  1. ↑ 1.0 1.1 1.2 1.3 1.4 "Credorax Banks $40M for International Expansion". The Wall Street Journal. https://www.wsj.com/articles/BL-VCDB-13289. 
  2. ↑ "Israel's Credorax CEO Eyes $200 Million IPO to Fund Expansion". Bloomberg. https://www.bloomberg.com/news/articles/2018-10-17/israel-s-credorax-ceo-eyes-200-million-ipo-to-fund-expansion. 
  3. ↑ "Samsung SDS to Provide Its Blockchain Platform to Credorax of Israel". Business Korea. http://www.businesskorea.co.kr/news/articleView.html?idxno=42255. 
  4. ↑ 4.0 4.1 "Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities" (in en). 2023-10-26. https://investors.shift4.com/news-events/press-releases/detail/203/shift4-completes-acquisition-of-finaro-to-accelerate-european-expansion-and-enhance-ecommerce-capabilities. 
  5. ↑ 5.0 5.1 "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechCrunch. https://techcrunch.com/2014/10/27/credorax-raises-40-million-to-become-a-payment-acquirer-for-the-internet-age/. 
  6. ↑ 6.0 6.1 "Credorax Adds Core Banking Platform". Nilson Report. https://nilsonreport.com/mention/184/credorax/. 
  7. ↑ "credorax financial statement". https://www.credorax.com/pdf/Credorax%20Bank%20Limited%20-%20Audited%20Financial%20Statements%202019.pdf. 
  8. ↑ "Finaro Announces its Acquisition by the American Leader in Commerce-Enabling Technology – Shift4 - in a Deal Valued at $575" (in en). Bloomberg.com. 2022-03-01. https://www.bloomberg.com/press-releases/2022-03-01/finaro-announces-its-acquisition-by-the-american-leader-in-commerce-enabling-technology-shift4-in-a-deal-valued-at-575. 
  9. ↑ "Finaro (formerly Credorax) on LinkedIn: #wearefinaro #finaroisnowshift4" (in en). https://www.linkedin.com/posts/finaro-official_wearefinaro-finaroisnowshift4-activity-7129740179661045761-QCZZ. 
  10. ↑ "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times. https://thefintechtimes.com/credorax-partners-with-feedzai-for-innovative-anti-money-laundering-solution/. 



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