Global payments company Nium has raised US$50 million in a Series E funding round, valuing the company at US$1.4 billion.
The round was led by a sovereign wealth fund in Southeast Asia and includes previous investors BOND, NewView Capital, and Tribe Capital.
The funds will be used to accelerate Nium’s growth in the B2B payments market which is projected to reach US$175 trillion by 2030.
This includes expanding its global network, driving product innovation, hiring top talent, and pursuing mergers and acquisitions.
In 2023, Nium reported a revenue growth of over 50% compared to 2022, with its focus on product development and new features for industries such as travel, payroll, spend management, and financial services.
Nium holds regulatory licenses in over 40 countries and recently received approvals from Japan’s Financial Service Agency and New Zealand’s Financial Service Provider Register.
The company’s recent clients include Australian expense management company Weel and UAE’s Emirates NBD.
Nium also strengthened its leadership team with key hires namely Alexandra Johnson as Chief Payments Officer, Rissy Ruddy as Chief Human Resources Officer, and Anton Pasiechnikov as VP of Finance.
“This investment is proof of our global success at a time when raising money is exceptionally difficult for late-stage, venture-backed companies. Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations. We’re privileged to have this support are looking forward to working closely together with them to continue to advance our business.”
said Prajit Nanu, Founder and CEO at Nium.
Featured image credit: Edited from Freepik
