Singapore-based Nium said that with this business arrangement, it will be able to shorten the time for issuing a Visa card to just four to six weeks. The payments startup will also provide processing and onboarding services.
The company said in a prepared statement: “Currently, business owners rely on outdated card management systems as part of their corporate bank accounts. There is limited or no digital access, and significant time is spent on reconciling expenses and claims.” Nium said its technology and business relationship with Visa can “streamline and simplify” the issuing of credit cards and their use by digital wallets.
“One of Nium’s primary goals is to improve business efficiency through the introduction and facilitation of financial technology, and this partnership with Visa allows us to do that at scale,” said Gitesh Athavale, head of product for Nium.
“Businesses in Australia are starting to recognize the need for a digital solution that will revamp existing corporate-card management systems,” said Simon Lenoir, founder and CEO of Budgetly, a banking solutions provider. “The antiquated system that involves physical paperwork to edit card-management settings, lack of rewards interface and delayed expense tracking will no longer survive in today’s age.”
He added that “the next generation of business owners are demanding a better banking experience.”
Last month, Nium nabbed a new round of funding, led by Visa and BRI Ventures, which were both new investors. The size of this latest round was not disclosed. Formerly known as InstaReM, Nium has landed more than $59 million since it was founded in 2014.
Prajit Nanu, chief executive officer and co-founder of Nium, said at the time that the new investment demonstrated “a vote of confidence for our business model and its resilience” during the COVID-19 crisis.
The cross-border payments firm offers products designed to simplify money transfers, deposits and payments.