Finaro

Credorax, Inc., d/b/a Finaro, is an online merchant acquiring bank and payment service provider (PSP).[1][2] The company was established in 2007 by Benny Nachman. The company operates in the European Union, United States, and China.[3]

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][4] 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][4]

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.[5] Processing a volume of over $4.3 Billion in 2019.[6]

In technological terms, Finaro 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.[7] According to The Nilson Report, in 2019 Credorax also introduced its banking technology.[5]