Nium Joins the Unicorn Club With Its Latest US$200 Million Series D Fundraise
by Fintech News Singapore July 28, 2021Singaporean B2B payments platform Nium is now a unicorn after having raised more than US$200 million in a Series D round led by Riverwood Capital. The firm has now raised nearly US$300 million to date.
Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash’s Gokul Rajaram, FIS’ Vicky Bindra and Tribe Capital’s Arjun Sethi also contributed to the round.
The funding will be used to expand Nium’s payments network infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies.
Nium said that it processes US$8 billion in payments annually and has issued more than 30 million virtual cards to date.
The firm’s revenues grew by more than 280 percent year-over-year, split almost equally across EMEA and APAC.
Given this, the company will also use funds from this round to accelerate its growth in the United States and Latin America.
Nium made two recent strategic acquisitions, including that of travel B2B payments firm Ixaris, which added comprehensive virtual card issuance capabilities to the Nium platform, as well as Wirecard Forex India Private Limited, which gives Nium greater reach into India’s booming payments market.
Through a single API, Nium provides access to the world’s payment infrastructure, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service.
Once connected, Nium’s customers can send funds to more than 100 countries, most of it in real-time, pay out in more than 60 currencies, accept funds in 7 currencies, and issue cards in more than 40 countries.
Prajit Nanu
“We believe we can be a global catalyst to increase global commerce, removing some of the payments friction which has traditionally held businesses back.
The Nium platform simplifies the B2B payments experience by enabling critical financial services to be easily embedded – helping today’s local market players become tomorrow’s global giants.”
said Prajit Nanu, Nium’s Co-founder and CEO.
Featured image: Prajit Nanu, Nium’s Co-founder and CEO
