Fintech Startup Nium raises $200 million in Series D funding
Nium, a fintech startup based out of Singapore, has announced that it has raised $200 million in Series D funding that was led by Menlo Park and Riverwood Capital LLC.
The startup focuses on payments services and remittances and with this fundraising, the company is now valued at a little over $1 billion which is a significant achievement for a fintech based out of Singapore. The company would be using these funds to expand into the US and Latin America and the company’s founder and CEO, Prajit Nanu, has also said that he would be looking to push for an IP in the US market in 18 to 24 months.
“There has been a glass ceiling for Southeast Asian fintech startups with much investor focus placed on richly-funded consumer tech giants such as Singapore’s Grab Holdings Inc. as well as Gojek and other Indonesian unicorns”, Nanu said. “That ceiling has been broken and we’re likely to see more unicorns, largely in fintech, coming out of Singapore.”
The company has over 200 clients at this point with most of the clients being located in South East Asia. The platform helps businesses to accept payments online and also allows them to send money and issue cards as well. As we have been mentioning, the payments industry, especially the digital and retail payments industry, is set to grow multifold in the coming years as the world is witnessing a transition in the generation of users with the young users preferring to operate everything online.
With the payments industry undergoing this transformation, businesses cannot afford to be left behind and they also need to shift to platforms that will help them accept such payments. Digitalization and technological advancements are the keys in the payments business and it is important for the platforms and also the companies that use them to be aware of the need to stay on top of the same.
For a long, it has been a lot of trouble to send and receive cross-border payments but with the advent of crypto into this space a couple of years back, they have set the pace for which the banks and the other financial platforms have to play catch up. The startups are also disrupting this space and that is why startups that have some established business are being invested in by major funds.