Singapore-headquartered fintech platform Nium announced on Wednesday that it has raised new funds from various investors, including global payment service provider Visa and BRI Ventures, the corporate venture capital arm of Indonesia’s Bank BRI. The company didn’t disclose the amount of funding.
Nium will use the capital to further develop its payment infrastructure offerings which include outreach to consumers, small and medium enterprises (SMEs), large enterprises, as well as banks and financial institutions, according to an official statement. The firm also plans to invest more in product development and for acquisitions that “compress time-to-market”. Nium will focus on vertical expertise in markets like Europe, India, UK, and the US, the statement said.
“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,” said Prajit Nanu, co-founder and CEO of Nium.
Visa Asia Pacific regional president Chris Clark said that the collaboration between Nium and Visa began in early 2019 when Nium joined the Visa Fintech Fast Track program. “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, he said in a statement,” said Clark.
Nium currently operates its “Send, Spend and Receive business” in over 90 countries and 63 currencies, according to the company. It runs a consumer and SME remittance service through the InstaRem platform. In the enterprise business, Nium serves clients across six continents.