Global fintech platform Nium announced its latest fundraise today. Visa, the world’s leader in digital payments, participated in the round along with existing investors. Another new investor to join the fold was BRI Ventures, the Corporate Venture arm of Bank BRI of Indonesia.
The funding announcement comes on the heels of major wins for Nium in 2020, some of which were:
- Winning the account of a large European marketplace payment provider to process a billion Euros annually
- Winning a large international bid for one of the world’s biggest maritime businesses to process crew payments via cards and collections for vessel management
- Working with a prominent Asian Neobank to help them expand overseas by providing international collections
- Supporting the development of a migrant bank in the US through integration of Nium’s Banking-as-a-Service stack
Nium has carved a niche for itself and its diversified suite of offerings, with clients often approaching them to solve problems at the cross section of Send, Spend and Receive. As part of their own consumer and SME remittance offering (InstaReM) and remittance-as-a-service capabilities, Nium now reaches millions of customers across 10 licensed jurisdictions[1] with Japan and Indonesia being the latest additions. On the enterprise front, they serve clients across six continents. Through a fully micro-service driven model, Nium solves inefficiencies that plague traditional payment processes across industries like eCommerce, large corporates to SMEs, from services such as payroll disbursement to travel & expenses management etc.
“I am thrilled to announce that we have closed another round of funding and added two more prestigious investors to our cap table. Visa and BRI Ventures’ participation is a vote of confidence for our business model and its resilience despite the climate,” said Prajit Nanu, CEO and Co-Founder of Nium.
Nium will be using the funds to further build out its uniquely diversified payment infrastructure offering that includes outreach to consumers, SMEs, large enterprises as well as banks and financial institutions. The newly raised corpus will be largely directed towards product development and tuck-in acquisitions that compress time to market. For the latter, Nium will focus on vertical expertise in markets like Europe, India, U.K. and U.S.
According to Nanu, “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.”
“Nium and Visa’s collaboration began in early 2019 when Nium 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,” said Chris Clark, Regional President, Asia Pacific, Visa. “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.”
“BRI Ventures always look to support developments in the banking and financial industry, especially for partners looking to provide digital financial care to customers in Indonesia. We have been working closely with Nium since their InstaReM days when they were processing consumer remittance, and are excited to witness their growth as they expand their service offerings to include financial institutions and corporates. The potential of financial technology is limitless and we forward look to supporting Nium on their path of growth as they expand their presence into Indonesia and beyond,” said Nicko Widjaja, Chief Executive Officer of BRI Ventures.
