Finaro
{{notability|corp|date=January 2021}}
{{short description|Payment processing company}}
{{Infobox company
| name = Credorax Bank Limited
| logo =
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| former_name =
| type = Private
| traded_as = Finaro
| slogan =
| foundation = {{start date and age|2007}}
| key_people = Benny Nachman (Founder & former CEO)
Igal Rotem (CEO since 2016)
Moshe Selfin (CTO & COO)
| industry = Financial services
| num_employees =
| num_employees_year =
| products = Acquiring Technology, Banking Technology, Payment Technology, Processing Services, Information Based services
| revenue =
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| homepage = {{URL|https://www.credorax.com}}
{{url|https://finaro.com/}}
{{url|https://shift4.com/}}
}}
Finaro (the trading name of Credorax, Inc.), is an Israel-based online merchant acquiring bank and payment service provider (PSP).{{cite news|url=https://www.wsj.com/articles/BL-VCDB-13289 |title=Credorax Banks $40M for International Expansion |newspaper=WSJ |publisher=The Wall Street Journal |last1=Gage |first1=Deborah }}{{cite web|url=https://www.bloomberg.com/news/articles/2018-10-17/israel-s-credorax-ceo-eyes-200-million-ipo-to-fund-expansion |title=Israel's Credorax CEO Eyes $200 Million IPO to Fund Expansion |publisher=Bloomberg}} Established in 2007 by Benny Nachman, the company operates in the European Union, United States, and China.{{cite web|url=https://www.businesskorea.co.kr/news/articleView.html?idxno=42255|title=Samsung SDS to Provide Its Blockchain Platform to Credorax of Israel |date=5 March 2020 |publisher=Business Korea}}
In October 2023 Finaro was acquired by Shift4{{Cite web |date=2023-10-26 |title=Shift4 Completes Acquisition of Finaro to Accelerate European Expansion and Enhance eCommerce Capabilities |url=https://investors.shift4.com/news-events/press-releases/detail/203/shift4-completes-acquisition-of-finaro-to-accelerate-european-expansion-and-enhance-ecommerce-capabilities |access-date=2023-11-22 |website=Shift4 |language=en}} and now operates under the Shift4 brand name.
History
Credorax was founded as a financial technology startup in 2007, in Southborough Massachusetts by Benny Nachman. 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.{{cite web|url=https://techcrunch.com/2014/10/27/credorax-raises-40-million-to-become-a-payment-acquirer-for-the-internet-age/ |title= Credorax raises $40 million to become a payment acquirer for the Internet Age|date= 27 October 2014|publisher=TechCrunch}} The initial funding was provided by Blumberg Capital. By 2014, the company received nearly $130 million in venture funding from Blumberg Capital, FTV capital and other investment firms.
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 a commercial banking license in Malta allowing it to operate within the European Union.{{cite web|url= https://nilsonreport.com/mention/184/credorax/ |publisher= Nilson Report |title= Credorax Adds Core Banking Platform }} Processing a volume of over $4.3 Billion in 2019.{{cite web|url=https://www.credorax.com/pdf/Credorax%20Bank%20Limited%20-%20Audited%20Financial%20Statements%202019.pdf|website= Credorax.com|title=credorax financial statement|access-date=2019-04-07 }}
In March 2022, Finaro announced its acquisition by US payments company Shift4 in a deal valued at USD 575 million.{{Cite news |date=2022-03-01 |title=Finaro Announces its Acquisition by the American Leader in Commerce-Enabling Technology – Shift4 - in a Deal Valued at $575 |language=en |work=Bloomberg.com |url=https://www.bloomberg.com/press-releases/2022-03-01/finaro-announces-its-acquisition-by-the-american-leader-in-commerce-enabling-technology-shift4-in-a-deal-valued-at-575 |access-date=2023-11-22}} The deal took some time to get approved by the required institutions, after which the acquisition was completed on October 26, 2023. On November 13, 2023 Finaro announced that it was rebranding as Shift4 and was operating under the Shift4 brand name from that day onwards.{{Cite web |title=Finaro (formerly Credorax) on LinkedIn: #wearefinaro #finaroisnowshift4 |url=https://www.linkedin.com/posts/finaro-official_wearefinaro-finaroisnowshift4-activity-7129740179661045761-QCZZ |access-date=2023-11-22 |website=www.linkedin.com |language=en}}
Services
In technological terms, Finaro is both an acquiring merchant bank and a payment processing provider (PSP), via its payment gateway technology, Source, which facilitates multi-channel payment processing, fraud and risk management services.{{cite web|url=https://thefintechtimes.com/credorax-partners-with-feedzai-for-innovative-anti-money-laundering-solution/ |title=Credorax Partners with Anti-Fraud Solution to Provide Merchants 360° Monitoring |date=30 June 2020 |publisher=The FinTech Times}} According to a Nilson Report, in 2019 Credorax introduced bank account facilities for its clients.