Nomod raises $3.4 million in seed funding to enable merchants to accept payments without hardware
For a variety of reasons, emerging market micro and small enterprises are still unable to accept digital payments. Because of their scale, most of them are excluded from various payment networks around the world, and obtaining hardware from suppliers can be costly.
Nomod, a fintech company established in the United Kingdom, enables small businesses to avoid using a card terminal by providing a platform. That allows them to accept card payments on their phone without any additional hardware. At a valuation of $50 million, the company has raised $3.4 million in early capital.
Payment will go as the organization’s flywheel to get a merchant base and work out a financial operating framework. Founder and CEO Omar Kassim said.
Merchants will have access to accounts, cards, local payment networks, and lending as part of the company’s strategy. This set of services is important in the primary markets where Nomod hopes to establish a significant merchant base. Such as Saudi Arabia, the United Arab Emirates, and Bangladesh.
In Saudi Arabia, for example, just 3% of more than 1 million enrolled businesses have access to bank credit. Setting up a business bank account in the UAE might take up to six months. For Bangladesh, card POS hardware is pretty expensive for small and medium merchants.
Merchants can use Nomod to deal with payment issues first as they can download it to their phones and use it to process in-person payments and payment links from their customers.
Customers can utilize a variety of cards, ranging from Visa and Mastercard to American Express and Union Pay. As well as NFC and QR codes to go contactless. Merchants can also accept payments in over 135 other currencies.
“A merchant today can install Nomod, sign up in three or four minutes, and start processing in-person and online payments using payment links,” Kassim said.