Funds will enable the company to continue rapid network expansion and capitalize on a projected US$175 trillion B2B payments market opportunity
SAN FRANCISCO and SINGAPORE, June 4, 2024 /PRNewswire/ — Nium, the global leader in real-time cross-border payments, today announced it has raised US$50 million in a Series E funding round. The round was led by a sovereign wealth fund in Southeast Asia and values the company at US$1.4 billion post-money. The sovereign wealth fund joins other newly added investors from Nium’s prior funding round, including BOND, NewView Capital, and Tribe Capital. Nium will use the funds to further accelerate its growth plans in the B2B payments market, which is projected to reach US$175 trillion by 2030, including fueling global network expansion, accelerating product innovation, hiring top talent, and pursuing M&A activity.
“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.”
Nium has experienced strong revenue growth of 50%+ in 2023 compared to 2022. This can be attributed to the company’s focused product development roadmap, which has delivered on features serving mission-critical client use cases in industries such as travel, payroll, spend management, and financial services. Recent client wins include, Australian expense management leader, Weel and one of UAE’s leading banks, Emirates NBD.
Foundational to Nium’s success has been the recent expansion of its license portfolio, which allows it to do business directly in several jurisdictions. Nium also holds regulatory licenses and authorizations in more than 40 countries, and recently received additional approvals including a Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA) and registration on the Financial Service Provider Register (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.”
This year, Nium appointed former Bank of America executive, Alexandra Johnson, as Chief Payments Officer to oversee the businesses Global Banking and Payment Operations teams, former PayPal executive, Rissy Ruddy, as Chief Human Resources Officer to lead all people functions, and former Revolut executive, Anton Pasiechnikov, as VP of Finance. These leaders add to an already strong leadership team that Nanu has been building.
About Nium
Nium, the global leader in real-time, cross-border payments, was founded on the mission to deliver the global payments infrastructure of tomorrow, today. With the onset of the global economy, its payments infrastructure is shaping how banks, fintechs, and businesses everywhere collect, convert, and disburse funds instantly across borders. Its payout network supports 100 currencies and spans 220+ countries, 100 of which in real-time. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium’s growing card issuance business is already available in 34 countries. Nium holds regulatory licences and authorizations in more than 40 countries, enabling seamless onboarding, rapid integration, and compliance – independent of geography. The company is co-headquartered in San Francisco and Singapore.
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