Singapore-based Nium, which offers cross-border payment services in multiple countries around the world, has secured US$78 million in a new round of funding, says a DealStreetAsia report, citing a filing with the Accounting and Corporate and Regulatory Authority (ACRA) of Singapore.
Investors in the round include existing backer Vertex Growth Fund and several others.
e27 has reached out to Nium for a comment.
This funding round comes close on the heels of Nium’s announcement of acquiring Wirecard Forex India, a foreign currency exchange, pre-paid card, and remittance services provider, last week. Wirecard Forex India is a unit of German fintech giant Wirecard Sales International Holding, which hit the headlines last year when it filed for insolvency in June 2020 due to one of the biggest accounting scandals in modern European history.
Founded in 2014, Nium (earlier known as InstaReM), is a global payments platform to enable businesses to send, spend, and receive money from around the world, in addition to empowering them to develop their own products that simplify cross-border payments.
Also Read: Digital remittance startup InstaReM rebrands into Nium, offering global enterprise payments platform
The platform connects businesses to the world’s payment infrastructure through one API. Its modular platform for Pay In, Pay Out and Card-Issuance allows banks, payment providers, travel companies and other businesses to collect and disburse funds in local currencies to over 100 countries, plus issue physical and virtual cards globally.
The firm claims it issues approximately 30 million physical and virtual cards today and is licensed in 11 jurisdictions, including direct card issuing capabilities in 24 countries and in 40 currencies.
The company is regulated in the US, the European Union, Singapore, Canada, Hong Kong, India, Australia, and Malaysia.
To date, the company has raised over US$170 million across several rounds of financing. This includes US$41 million Series C funding led by Vertexg Growth in March 2019 and US$18 million in Series B led by GSR Ventures in July 2017.
Nium’s other investors are MDI Ventures (Indonesia), Beacon Venture Capital (Thailand), Rocket Internet, and SBI-FMO Fund.
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Image Credit: Nium
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