The fintech startup Nium becomes a member of the Unicorn club as the valuation of the firm takes off up to US$ 1 billion with the latest venture. On July 26 2021, Nium announced a fundraise of US$ 200 million in Series D funding led by Riverwood Capital with the active participation of venture firms like Temasek, Visa, Atinum Capital, Beacon Venture Capital, Vertex Ventures and Rocket Capital Investment, along with a group of angel investors like FIS’ Vicky Bindra, Tribe Capital’s Arjun Sethi and DoorDash’s Gokul Rajaram.
The company is moving to the Bay Area, promoting the investment as making it Southeast Asia’s first B2B payments unicorn and has raised a total of US$ 300 million to date.
About Nium
Nium is a B2B financial transaction processing company established in 2019 by Michael Bermingham and Prajit Nanu. The company aims to make the monetary transfer between businesses seamless by performing as a universal plug using flexible, concise, and modular solutions for intricate business problems.
Nium creates financial infrastructure for all levels of composure for individuals, new-age digital banks and traditional industry behemoths. The startup also renders a configurable, versatile platform, MassPay, that supports SME users to operate and regulate their high-volume payments with multiple beneficiaries in various currencies, allowing them to reduce up to 80% of cross-border money transfer costs.
What the CEO has to say
Prajit Nanu, co-founder and CEO, said, “This is our fourth or fifth fundraiser, but we have never had this kind of interest before — we even had our term sheets in five days.”
He added. “I believe this interest is because we’ve successfully managed to create a global platform that is heavily regulated, which gives us access to many networks. This is an environment where payment is visible, and our core is powering frictionless commerce and enabling anyone to use our platform.”
Fund Utilisation
Headquartered in Singapore, Nium declared that the fresh funds would extend its network infrastructure, drive product advancement, obtain new tech and increase its acquisition hunt for potential companies. The capital will also be utilised for racing Nium’s growth in the United States and Latin America.
Financial technology companies like Nium have been seeing an accelerated trend since the Covid-19 pandemic which has resulted in doubling up the demand for their products and services as the world is now increasingly shifting away from conventional, brick-and-mortar methods of banking.
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