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LONDON — Paymentology, the leading global issuer-processor, today announced a $175 million investment co-led by Apis Partners (”Apis”), a private equity firm specialising in financial infrastructure and services, and Aspirity Partners (“Aspirity”), a pan-European Private Equity firm focused on Financial Technology & Services and Enterprise Technology & Connectivity Services.
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The investment will support Paymentology’s continued global expansion, product development and strengthening of its team, as the company builds on strong demand for modern issuer processing on a global scale.
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The transaction brings together two investors with deep experience in the payments industry and a shared focus on advancing payments infrastructure, united by the view that issuer processing represents one of the most significant opportunities in the sector. For Apis, the investment, made by Apis Growth Fund III1, marks the firm’s 16th payments investment. Both Apis and Aspirity will draw on their deep sector and global network of payments experts to support the next phase of Paymentology’s growth.
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Joe O’Mara, Founder and Managing Partner at Aspirity Partners commented:
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“Payments is a core pillar of our investment strategy, and Paymentology represents the kind of category-leading platform we look to back: modern technology, global relevance and strong exposure to long-term growth in digital payments. As Aspirity’s first investment from our inaugural fund, this partnership reflects our sector-specialist approach and was the downstream outcome of our proactive thematic origination model, including the valuable contribution of our Innovator & Leader network. We have been particularly impressed by the execution and ambition shown by Jeff and the team, and look forward to supporting the company through its next phase of international growth.”
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Matteo Stefanel, Co-Founder and Managing Partner, Apis commented:
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“We are thrilled to partner with Paymentology – a company that operates at the centre of an attractive and fast
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growing segment in the global payments ecosystem – and build on our decade plus relationship with the executive team. Leveraging our global connectivity and sector expertise across the payments value chain, we look forward to supporting management as they continue to scale, extend their capabilities and deliver meaningful, lasting impact by improving access to modern financial services worldwide.”
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Despite the global payments market being estimated at $49 trillion by 2026, much of the issuing layer remains constrained by legacy infrastructure, limiting innovation, speed and the quality of end-user payment experiences. Paymentology is addressing this gap through its highly configurable, cloud-native platform, enabling real-time processing at scale for clients across 68 countries and giving issuers the flexibility to launch, adapt and manage card and digital payment experiences more efficiently across markets.
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Jeff Parker, CEO at Paymentology, commented:
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The future of finance is already here, but legacy infrastructure continues to hold back innovation. At Paymentology, we see a significant opportunity to remove that friction and enable our clients to move at the pace the market demands. We’ve built an issuing platform designed for growth, helping digital banks, fintechs and financial institutions launch, scale and expand their card programmes with confidence. By combining global capability with the flexibility to adapt locally, we enable our clients to compete more effectively with speed, control and efficiency, in an increasingly dynamic landscape.
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This investment and the strength of our partnership with Apis and Aspirity is a strong endorsement of our platform and strategy. It positions us to accelerate our growth, expand our capabilities, and continue supporting our clients as they build momentum, and unlock truly unstoppable progress.
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This momentum is reflected in Paymentology’s performance, with new sales rising 117% year-on-year in FY25 and transaction volumes increasing 65%. Growth has been driven by strong demand from digital banks, embedded finance providers, digital asset-linked card programmes and expense management platforms, alongside established banks modernising legacy systems. The business also benefits from a highly diversified international client base and significant exposure to high‑growth regions including the Middle East, Latin America, Africa and APAC.
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Paymentology’s strong customer relationships, ability to operate across diverse regulatory environments and continuity of management further strengthen its position as a trusted global infrastructure partner. The company will use the capital to support the growth and innovation ambitions of its current and future clients, while expanding beyond core issuer processing into adjacent areas including credit, stablecoin, tokenisation and AI-driven services. Paymentology supports clients in close to 70 countries, including leading FinTechs (for example: M-Pesa by Safaricom, RedotPay, Rain, TrueMoney, ARQ, and many others), and some of the world’s fastest growing neobanks (such as GoTyme, Snappi, Wio Bank, D360, Albo, among others).
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Udayan Goyal, Co-Founder and Managing Partner, Apis added:
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“As the 16th investment Apis has made in the global payments sector, this deal reinforces our strong conviction in the opportunity within issuer processing. This partnership represents a shared vision to accelerate the democratisation of card issuance, broaden access to digital financial infrastructure and expand into new geographies and adjacent capabilities. This further exemplifies our approach of backing proven mission-critical infrastructure providers, capital‑light business models that generate attractive returns while driving measurable positive impact demonstrating that long‑term value creation and impact go hand in hand.”
The TWZ Newsletter
Weekly insights and analysis on the latest developments in military technology, strategy, and foreign policy.
As TWZ has just reported, the U.S. Air Force’s highly secretive NT-43A radar cross-section measurement platform is supporting the launch of NASA’s Artemis II space mission. Now we’ve learned that this reflects the start of an entirely new stage in the career of the notoriously shy aircraft, also commonly referred to by the callsign RAT55.
“After decades of flights supporting the Air Force in various roles, the NT-43A Radar Test Bed is being transitioned to start the next phase of its career,” an Air Force spokesperson has told TWZ. “Beginning with data collection during the upcoming launch of Artemis II, the NT-43A Radar Test Bed will continue its legacy of excellence in supporting some of our nation’s most important and technologically advanced capabilities.”
The video below shows RAT55 making a very rare public appearance at Rick Husband International Airport in Amarillo, Texas, last year.
When asked, the Air Force spokesperson said they could not provide any additional information about how this unique aircraft might be utilized in the future. TWZ has also reached out to NASA to ask whether it has any further plans for this jet.
To be clear, getting a statement about RAT55 like the one above is already highly unusual. The aircraft is often referred to as the most secretive Boeing 737 in the world. It is understood to be based at the Tonopah Test Range Airport (TTR) in Nevada, a remote and highly secure facility long used to conceal shadowy aircraft programs. When the NT-43A has been seen, it has usually been from afar, as it has flown around the U.S. military’s flight testing hubs at Area 51, also in Nevada, and Edwards Air Force Base in neighboring California. The jet has only very rarely appeared anywhere else.
Still, it has become instantly recognizable from its heavily modified nose and huge radome protruding from the rear of the fuselage behind the tail. RAT55 is festooned with other bits and bumps to support its primary mission of signature measurement in support of stealthy aircraft programs. The two huge radar arrays at the front and back of the aircraft allow it to precisely measure the radar signatures of stealthy aircraft flying nearby. This information is used to validate low-observable (stealthy) coatings and other design elements. Electro-optical and infrared sensors are also fitted above the two main radomes. Being able to collect signature data mid-air offers advantages over doing so on the ground, since the subject can be continually observed from all angles, including overhead. You can read more about what is known of the NT-43A’s capabilities and role here.
TWZ has been talking for years about the prospect that RAT55, which is now more than five decades old, could just be getting closer to being retired entirely. The jet is a heavily modified conversion of a T-43A trainer aircraft, which is itself a militarized version of the Boeing 737-200 airliner. The Air Force retired the last of its standard T-43As in 2010. Usage of first-generation 737s in any configuration is dwindling globally, and the remaining examples will only become ever-more challenging to support.
With all this in mind, TWZ has also been watching closely for a replacement for RAT55 to appear. However, to date, no explicit successor to the NT-43A has definitely emerged.
In the meantime, NT-43A could now end up being a key aircraft for support space launches and recoveries. It could also perform other testing and development duties unrelated to space launches and low-observable capabilities. If it becomes available to more customers, its unique services could be in high demand, especially with a new stealth boom on the horizon with new fleets of Collaborative Combat Aircraft drones.
If RAT55 does now come more into the light after decades of largely being a ‘ghost’ within the U.S. military flight test community, we may start to learn more about the aircraft, in general, as well as what the future holds for it and any potential successors.
Contact the author: joe@twz.com
A number of European clubs have called on Uefa to change the Champions League rules and allow teams from the same country to draw each other in the league phase.
It comes amid concerns that the growing power of the Premier League is having a negative impact on teams from other countries.
Since the new Champions League format was introduced for the 2024-25 season country protection – which means no teams from the same league can play each other – has remained in place for the eight games that make up the first phase of the competition.
It is then removed for all the knockout rounds.
But with three English clubs in Pot 1 for this season’s league phase, draw conditions had to be placed upon the non-English clubs in order for the rule to be respected.
Teams felt aggrieved that it effectively increased the chances of a harder draw.
It meant Barcelona, Bayern Munich, Borussia Dortmund, Inter Milan, Paris St-Germain and Real Madrid all had to play two games against Premier League teams.
Some were forced to take Arsenal, Spurs or Newcastle from Pots 2, 3 and 4 to avoid deadlocking the draw.
For instance, PSG and Barcelona had to be given a fixture against Newcastle from Pot 4. Without the restriction they could have faced Kairat Almaty or Pafos.
On paper at least, being forced to pay the Magpies is more difficult.