Finaro

Credorax Bank Limited
TypePrivate
Finaro
IndustryFinancial services
Founded2007; 19 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, Michael Fainshtein and Eugene Volkov 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 US$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.[citation needed]

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.[9] According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.[6]

References

  1. ^ a b c d e Gage, Deborah. "Credorax Banks $40M for International Expansion". WSJ. 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. 5 March 2020.
  4. ^ a b "Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities". Shift4. 2023-10-26. Retrieved 2023-11-22.
  5. ^ a b "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechCrunch. 27 October 2014.
  6. ^ a b "Credorax Adds Core Banking Platform". Nilson Report.
  7. ^ "credorax financial statement" (PDF). Credorax.com. Retrieved 2019-04-07.
  8. ^ "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.
  9. ^ "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times. 30 June 2020.
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