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  • 📈 Nomupay’s $37M Boost Unlocks Asia’s Wallets

📈 Nomupay’s $37M Boost Unlocks Asia’s Wallets

£12m Power Payday: 3 Hours, 2 Plants

January 09, 2025

This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes

In today’s stories:

  • Nomupay’s $37M Boost Unlocks Asia’s Wallets

  • £12m Power Payday: 3 Hours, 2 Plants

  • Pound Takes a Nosedive as Costs Soar!

The summary: Nomupay’s rapid growth, hefty funding, and clever single-API platform are set to revolutionize the tangled web of global payments, making cross-border transactions smoother and more accessible, especially in the booming Asian market.

The details:

  • Nomupay bags $37M in latest funding: Irish fintech whiz Nomupay secures a $37 million boost, crowning their valuation at $200 million. With big-name backers like Endeit Capital and Uneti Ventures, they've raked in nearly $90 million total to date.

  • Asian conquest on the horizon: Eyeing the fragmented Asian payments market, Nomupay is gearing up to simplify life for merchants and PSPs with a single API solution, setting up shop in hotspots like Singapore, Indonesia, and Vietnam.

  • One API to rule them all: Their Unified Payment (uP) Platform is the magic wand for cross-border payments, offering seamless integration for omnichannel transactions and disbursements. Think of it as the Swiss Army knife of payments, cutting through red tape and complexity.

  • Profits in sight by 2025: With over 100% growth each year, Nomupay isn’t just dreaming of profits—they’re set to achieve them by 2025. Add in a 2023 acquisition of Manchester-based Total Processing, and they’re on a roll!

Why it matters: Nomupay's meteoric rise and hefty investment signal a game-changer in the convoluted world of payments, especially as they take on Asia’s fragmented market with a sleek, single-API solution. Their ambition to simplify cross-border transactions while scaling profitably hints at a future where complex payment processes become a thing of the past. For global enterprises weary of clunky gateways and rigid systems, Nomupay offers a breath of fresh air—blending innovation with accessibility.

The summary: As Britain braves a winter chill, power stations rake in millions, spotlighting our energy system’s quirks and reminding us all to brace for some potentially frosty bills.

The details:

  • Big Bucks for Big Watts: Two gas power stations pocket a cool £12m for a mere three hours of work, as Britain faces one of the chilliest energy crunches since the crisis began.

  • Power Panic: National Energy System Operator (Neso) scrambles to bridge a 1,700MW gap—enough to keep 850,000 homes lit—prompting a costly call to gas plants.

  • Sky-High Payouts: The Rye House and Connah’s Quay plants cash in big time, charging £5,000 and £2,900 per MWh respectively, for peak evening hours. That’s over 50 times the usual rate!

  • Chilly Winds and Hot Prices: With freezing weather and low wind power, electricity prices soared to nearly £1,000/MWh, with some trades peaking at £2,000/MWh. Expect more price shocks as the week winds down.

Why it matters: With the mercury plummeting and wind turbines barely spinning, Britain’s energy squeeze is turning into a costly affair, leaving power companies laughing all the way to the bank. These eye-watering payouts highlight the fragile state of our energy system and the hefty price tag of keeping the lights on during a cold snap. For households, it’s a stark reminder that when the weather bites, so too can the energy bills.

The summary: With borrowing costs climbing, the government faces a tricky balancing act of tightening the purse strings or raising taxes, all while navigating global financial turbulence with a stiff upper lip!

The details:

  • Sterling took another nosedive on Thursday, as UK borrowing costs hit levels unseen since the 2008 crash, raising alarms about the state of public finances and hinting at future tax hikes or spending cuts.

  • The Treasury, with an iron-fisted approach, reassured us of their grip on the nation's wallet, while the chancellor vowed to scour every nook for economic growth, but don’t expect any peeks at forecasts until March.

  • Shadow chancellor Mel Stride didn't mince words, blaming the current borrowing binge for inflating government costs, warning it’s fiscal folly, not resilience, we’re building.

  • Global jitters, especially around Trump's tariff theatrics, have amplified borrowing woes across the pond, mirroring the UK’s financial turmoil and adding pressure on the chancellor to juggle public spending without breaking her own fiscal rules.

Why it matters: With borrowing costs soaring, the government’s already creaking budget is now straining under the weight of interest, leaving less room to fund anything else. The chancellor's promise to "leave no stone unturned" might mean digging deeper into our pockets or slashing services—neither of which is a recipe for popularity. Meanwhile, global uncertainty, with Trump’s tariff tantrums in the mix, is stirring the financial pot, making the UK's already dodgy fiscal forecast look like a bit of a gamble.