Singaporean remittance startup InstaRem rebrands as Nium

The new name draws from the Sanskrit language.

Photo courtesy of Nium

Singapore-based remittance startup InstaRem has rebranded itself as Nium as the company transitions into a global enterprise payments platform.

According to an official statement issued by Nium, the rebranding was announced at the Money 2020 USA event in Las Vegas on Sunday, October 27. The firm’s co-founder and CEO, Prajit Nanu, said that Nium is derived from the Sanskrit word for rules and principles.

With a new name, Nium aims to create a world of “open money” where cash can be electronically transferred with no hassle.

Nium’s platform enables businesses to send, spend, and receive money from around the world. Businesses can also buy Nium’s off-the-shelf products and work with the platform to build custom integrations for their enterprise tech stack, or even build products and services that make cross-border transactions more convenient.

InstaRem was founded in 2015 to simplify cross-border payments. The company has gradually evolved beyond remittance, adding offerings to meet the needs of small and medium enterprises, financial institutions, and other payment service providers. The firm has raised USD 59 million in four funding rounds so far, making it one of the most funded fintech companies in Southeast Asia.

InstaRem will remain a digital remittance solution that is now powered by the Nium platform, the statement says.