Massachusetts-based start-up Credorax wants to bust up the silos that house the various pieces of the retail transactions processing process and has just raised another $40 million to do it.
For the last six years, the business has been building an integrated, international architecture for online retailers to receive payments, no matter their location. According to CEO Benny Nachman, the goal is to give online retailers one service provider for any geography around the world, reports TechCrunch.
So far, Credorax has raised $130 million to support that vision, which is less than it sounds like as the company finds itself in the tough position trying to compete in massive industries where several players already exist.
Credorax has been working with national governments since 2008 in an effort to comply with all relevant financial regulations, so that retailers can use the company as its acquiring bank at any location.
The services is available in 28 countries, though the U.S, isn’t one of them yet. According to Nachman, the U.S, license is its next priority.
“The exchange of money, ideas, and services is becoming increasingly international, so countries and geographies become less important,” Nachman said. “I’m a pure play acquirer that deals with e-commerce and mobile commerce."