The company plans to use this newly raised capital for further developing its payment infrastructure.
Nium, a Singapore-based fintech start-up that offers individuals and businesses with fast, secure and affordable digital cross-border money transfer services, has announced rising an undisclosed amount of funding from its latest investors, namely Visa and BRI Ventures. The funding round comprised some of Nium’s existing investors as well.
According to a statement, the fintech firm claims that it plans on utilizing these newly raised funds to develop its payment infrastructure, which apparently includes outreach to businesses, consumers, banks, and other financial institutions. While a certain portion of these new funds will be targeted towards product development and tuck-in acquisitions in markets like India, Europe, the UK, and the US.
Commenting on the recent development, Prajit Nanu, CEO and Co-Founder, Nium, said that their company is interested in tech players that own expertise in local payment rails, issuance, etc., which complement its own business and can helps Nium ship faster in competitive markets.
Until now, the fintech startup has raised over US$59 million through several funding rounds. Nium has a list investors which include Vertex Ventures, Fullerton Financial Holdings, Vertex Growth, Global Founders Capital, MDI Ventures, Rocket Internet, and SBI Japan, among others.
Reportedly, in 2015, Nium started its business under the name Instarem. The company is renowned for its cross-border money transfer and payments services that are targeted towards consumers and businesses.
Elaborating on its RaaS capabilities, Nium said that the firm currently serves millions of customers across 10 countries like Canada, Australia, Europe, India, Hong Kong, Indonesia, Japan, Singapore, Malaysia, and the US.
Its enterprise offerings, which comprise of expense management and payroll disbursement, among others, are available in six continents. While, the firm currently operates its Spend, Send, and Receive business in more than 90 countries.
Source Credit: https://www.techinasia.com/visa-backs-nium