Credorax Raises $40 Million To Become A Payment Acquirer For The Internet Age
Summary
Until now, most of the infrastructure to support those sales existed in silos, but Credorax, a small startup based outside of Boston in Southborough, Mass. The company has spent the past six years laying the groundwork to build an integrated, international architecture for online retailers to receive payments, no matter their location. The idea, according to company chief executive Benny Nachman is to give online retailers one service provider for any geography around the world. Initially, when credit card networks get rolled out, these acquiring institutions, which basically function as banks, dealt with one country. “I’m a pure play acquirer that deals with e-commerce and mobile commerce.” By contrast, giant competitors like First Data have eight or nine platforms aimed for physical points of sale, and a hodge-podge of legacy systems in different countries around the world.
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