Visa Leads Latest Funding For FinTech Startup Nium

FinTech payments startup Nium, based in Singapore, is getting a new round of funding led by new investors Visa and BRI Ventures.

Nium, formerly known as InstaReM, has closed four funding rounds totaling $59 million since it was founded in 2014. The size of this latest round was not disclosed.

Prajit Nanu, chief executive officer (CEO) and co-founder of Nium, said in a statement on Wednesday (May 6) that he is “thrilled” to get the backing of “prestigious” new investors like Visa and BRI Ventures.

The new investment signals “a vote of confidence for our business model and its resilience despite the climate,” Nanu added.

The cross-border payments firm offers a diverse portfolio of solutions designed to make money transfers, deposits and payments easier. Its remittance-as-a-service (RaaS) capabilities serve millions of people across 10 licensed jurisdictions. Japan and Indonesia are the newest additions. On the enterprise front, the startup serves clients across six continents.

Through a “fully micro-service driven model,” Nium aims to get rid of inefficiencies that often affect traditional payment processes in eCommerce, payroll and other business functions.

The new funds will help Nium build out its payment infrastructure to reach more households, SMBs, corporates and financial institutions. The startup said it will also use the money for product development and “tuck-in acquisitions” as well as “vertical expertise” in Europe, India, the U.K. and the U.S.

“We are interested in tech infrastructure players with capabilities in issuance, local payment rails etc., which complement our own and can help us ship faster in markets we are bullish on,” Nanu said.

Chris Clark, regional president of Asia Pacific at Visa, said the company first starting working with Nium last year when the startup joined the Visa FinTech Fast Track program in Asia Pacific.

“We’ve worked together on new commerce experiences like instant remittances for consumers and businesses in Southeast Asia,” Clark added. “We are excited to extend our partnership with Nium by investing in their business. Working with FinTechs like Nium is a key part of Visa’s strategy to enable payments for anyone, anywhere, on any network.”

InstaReM rebranded to become part of Nium in October 2019. Nium was the first global payments platform that enabled businesses to send, spend and receive money from around the world.