Finaro
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| Company type | Private |
|---|---|
| Credorax Bank Limited | |
| Industry | Financial Sector |
| 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 |
Credorax, Inc. is an online Merchant Acquiring bank and Payment service provider (PSP).[1][2] The company was established in 2007 by Benny Nachman. Credorax has corporate offices and R&D center in Herzliya, Israel with satellite offices and subsidiaries in the European Union and North America.[3][4] The company operates in the European Union, United States, and China.[5]
Overview
Credorax was founded as a financial technology startup in 2007 in Southborough Mass by Benny Nachman, an Israeli attorney and fintech entrepreneur.[6][7] 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][8] The company was established in Herzliya, Israel but later opened offices in Malta, the Netherlands, the UK and the US.[3][9] 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][8] 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 its European commercial banking license to operate in 32 countries. As Times of Malta noted: "the bank processed €4.1 billion worth of payments in 2018."[10]
Technology and applications
In technological terms, Credorax is both an acquiring merchant bank and a payment processing provider (PSP), via its payment gateway technology, Source, which facilitates secure multi-channel payment processing, fraud and risk management services.[11] According to The Nilson Report, in 2019, Credorax also introduced its banking technology.[12] In 2020, the fintech company started to integrate Samsung's blockchain platform NexLedger Universal in its software for B2B payments, back-office operations and accounting.[5][13] In 2019, Credorax signed an agreement with Chinese mobile payment services WeChat Pay, Alipay, and UnionPay to facilitate payment processing for Chinese tourists in Europe and European retailers in China.[14] In November 2020, the company added Google Pay and Apple Pay to its payment options.[15]
See also
References
- ^ a b c d "Credorax Banks $40M for International Expansion". The Wall Street Journal.
- ^ "Israel's Credorax CEO Eyes $200 Million IPO to Fund Expansion". Bloomberg.
- ^ a b "Credorax headquarters and office locations". Craft.
- ^ "CredoRax USA Inc". Bloomberg Business Profile.
- ^ a b "Samsung SDS to Provide Its Blockchain Platform to Credorax of Israel". Business Korea.
- ^ ""Big Ideas That Might Change The World", with Benjamin Nachman". Authority Magazine.
- ^ "Blumberg Capital Entrepreneur Spotlight – Credorax & Jassby, Inc. Founder Benny Nachman". Blumberg Capital.
- ^ a b "Credorax raises $40 million to become a payment acquirer for the Internet Age". TechChrunch.
- ^ "Credorax locations". Official company's website.
- ^ "FIAU slaps Credorax Bank with €51,000 fine". Times of Malta.
- ^ "Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring". The FinTech Times.
- ^ "Credorax Adds Core Banking Platform". Nilson Report.
- ^ "Samsung SDS to integrate blockchain with Credorax account reconciliation solution". Ledger Insights.
- ^ "WeChat Pay, Alipay Partner With Israeli Fintech Startup Credorax". Calcalisttech.
- ^ "Credorax Adds Google Pay & Apple Pay to Payment Methods Offering". Crowdfund Insider.
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