Real-time cross-border payments startup Nium raised $50 M Series E funding
The real-time cross-border payments startup Nium, based in Singapore, revealed that it has raised $50 million in a Series E funding round.
Nium stated in a statement that the company is valued at $1.4 billion post-money, with the lead investor in the round being a sovereign wealth fund in Southeast Asia.
The statement claims that BOND, NewView Capital, Tribe Capital, and other recently added investors from Nium’s previous funding round have joined the sovereign wealth fund.
In the business-to-business (B2B) payments market, which is expected to reach $175 trillion by 2030, Nium said it will use the funds to further accelerate its growth plans. These plans include hiring top talent, expanding globally, accelerating product innovation, and pursuing merger and acquisition (M&A) activity.
“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs of marketplaces, software as a service (SaaS) platforms, travel, and financial institutions, for whom payments are mission critical,
“Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era,” said Prajit Nanu, Founder and Chief Executive Officer at Nium.
It has been observed that Nium’s revenue increased significantly between 2022 and 2023—by more than 50%.
This is explained by the company’s targeted roadmap for product development, which has resulted in features meeting mission-critical client use cases in financial services, travel, payroll, and spend management, among other industries.
Recent clientele of the company includes Emirates NBD, one of the top banks in the United Arab Emirates, and Weel, a leader in Australian expense management.
Nium claims that the recent expansion of the company’s portfolio of licenses, which enables it to conduct direct business in multiple jurisdictions, has been essential to its success.
In addition, Nium is registered on the Financial Service Provider Register (FSPR) in New Zealand and has a Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA). Nium also possesses regulatory licenses and authorizations in more than 40 countries. These approvals were most recently obtained.
