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Screenshot of a breaking news alert e-mail from Q2 2017
Fin-tech VC firm FTV helps Credorax build $40 million warchest to expand to new markets.
Payment processing solutions developer Credorax has raised $40 million from New York-based venture capital firm FTV Capital, which specializes in financial technologies. According to Israeli business newspaper Globes, FTV’s $40 million gave it a 20% stake in Credorax, meaning that the financing round was held at a company valuation of about $200 million for Credorax.
Credorax’s main investors until now were Blumberg Capital and Japan’s Mobile Internet Capital, which invested in Credorax in early 2013 when it was seeking to enter the Japanese market, and private investors.
Credorax’s solution is targeted at the card-not-present market, where forex and binary brokers operate. Its focus is the fast onboarding of merchants — reducing the typical 3-4 week process down to less than one week.
Credorax is already working with a number of platform providers to forex and binary companies. With their $40 million warchest now in tow, we expect that the forex industry as well as binaries will be a main target market for Credorax.
To see the Credorax press release on its fundraising click here.