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The company has raised $3.4 million in seed funding at a valuation of $50 million. The company also allows merchants to charge in over 135 currencies. Although Nomod has most of its merchants in the MENA and GCC region, Kassim says the platform has a global reach and allows merchants to sign up from more than 40 countries across Europe, the U.S., Australia, Africa and Asia.Kassim said the company is conducting tests with merchants in Nigeria and South Africa and expects to launch both markets shortly. “Our thesis is that card acceptance is a fairly homogenous action. According to the founder, if the nearly $100 billion company were to launch newly, it would not need hardware. The platform is one of Stripe’s listed partners to accept in-person payments.“Some platforms are seeing about 60-70% of all of their online transactions coming from Apple Pay. The company, which graduated from the recent Y Combinator summer batch, received investments led by Global Founders Capital. This suite of services is essential in the primary markets in which Nomod has a significant merchant base, like Saudi Arabia, the UAE and Bangladesh. He then worked on some consulting gigs, and after noticing the wave of fintech and neobank activity that stormed the U.K., he started Nomod as a side project in 2018.
