Participating in Nium's latest fundraise are Visa and BRI Ventures, the corporate venture arm of Bank BRI of Indonesia.
Singapore-based funds transfer platform Nium has announced the close of its latest funding round, which saw the participation of new investors Visa and BRI Ventures.
The new funds will be used for product development and acquisitions to help speed up time to market, with Nium focusing on vertical expertise in markets like Europe, India, U.K. and U.S., according to an announcement on Wednesday.
Building on Partnership
The startup previously worked with Visa as part of its Fintech Fast Track program, where it developed instant remittances for consumers and businesses in Southeast Asia on Visa’s payments network.
«Visa and BRI Ventures’ participation is a vote of confidence for our business model and its resilience despite the climate,» Prajit Nanu, Nium co-founder and CEO, said in the statement.
Strong Growth
Nium currently operates its Send, Spend and Receive business in over 90 countries, 65 in real-time, and in 63 currencies. Using a fully micro-service driven model, Nium solves inefficiencies that plague traditional payment processes and services such as payroll disbursement to travel and expenses management, etc.
In 2020, the firm has won the account of a large European marketplace payment provider to process a billion euros annually, and won a large international bid for one of the world’s biggest maritime businesses to process crew payments via cards and collections for vessel management.
It is also working with a prominent Asian neobank to help it expand overseas by providing international collections, and is supporting the development of a migrant bank in the U.S. through the integration of its banking-as-a-service stack.
