Nium, the global leader in real-time cross-border payments, raised US$50 million in Series E fundraising today. The Southeast Asian sovereign wealth fund led the round, which values the company at US$1.4 billion.
The sovereign wealth fund joins BOND, NewView Capital, and Tribe Capital as Nium’s latest investors. The funds will be used by it to expand its global network, accelerate product innovation, hire top personnel, and pursue M&A activity in the B2B payments market, which is expected to reach US$175 trillion by 2030.
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“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, SaaS platforms, travel, and financial institutions, for whom payments are mission critical,” said Prajit Nanu, Founder and CEO at Nium. “Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era.”
Revenue at Nium rose 50%+ in 2023 compared to 2022. Due to the company’s focused product development plan, mission-critical client use cases in travel, payroll, spend management, and financial services have been met. Weel, an Australian expense management provider, and Emirates NBD, a renowned UAE bank, are recent clients.
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Nium’s recent licence portfolio development, which permits it to do business directly in various jurisdictions, has been crucial to its success. Nium has numerous regulatory licences and authorizations in over 40 countries, including a Type 1 Funds Transfer Service Provider licence from Japan’s FSA and registration on the FSPR in New Zealand.
Nanu continued, “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.”
About Nium
Nium, the global leader in real-time, cross-border payments, was formed to deliver tomorrow’s payments infrastructure now.
