Nium, the business-to-business payments processor based in Singapore, has raised $200 million in a Series D round led by Riverwood Capital. The company’s valuation has now soared to more than $1 billion.
Nium Has Raised $300 Million to Date
The investment round was led by Riverwood Capital, with Temasek, Visa Inc (NYSE:V), Vertex Ventures, Atinum Capital, Beacon Venture Capital, and Rocket Capital Investment also taking part.
At the 2021 SALT New York conference, which was held earlier this week, one of the panels on the main stage discussed the best macro shifts coming out of the pandemic and investing in value amid distress. The panel featured: Todd Lemkin, the chief investment officer of Canyon Partners; Peter Wallach, the managing director and Read More
Nium also saw money from angel investors such as DoorDash Inc (NYSE:DASH)’s Gokul Rajaram, and Vicky Bindra of Fidelity National Information Servcs Inc (NYSE:FIS). The platform has raised a total of $300 million to date.
CEO and cofounder Prajit Nanu told TechCrunch: “This is our fourth or fifth fundraise, but we have never had this kind of interest before —we even had our term sheets in five days.”
“I believe this interest is because we’ve successfully managed to create a global platform that is heavily regulated, which gives us access to a lot of networks.”
Chief revenue officer Frederick Crosby, who joined the company in 2020, asserted that the global approach of Nium has put it in a league of its own. The platform can work in silos and between countries and different currencies.
“Nium has created a robust set of APIs for people can use integrated financial services.”
Shaking Up The Market
When Nium started in Singapore, its founders thought of offering seamless payments, not just between different countries with different laws and rules, but also among several countries with regulated currencies.
The company processes $8 billion in payments annually, and its revenue has grown 280% YoY across five main customer segments: banking, fintech companies, gig economy workforce, supply chain contractors, and corporate customers.
Nium boasts 11 banking licenses in seven Asia Pacific countries, as well as in the U.S., Canada, U.K., and Europe. It can process payments to more than 100 countries, 61 of them in real time.
The firm has now set sights on establishing itself in Europe and the U.S., as well as starting to grow in Latin America.
Nium’s new round is set to shake the global B2B payments market, currently valued at $120 trillion per year.
TechCrunch reports that last week, “Paystand raised $50 million in Series C funding to make B2B payments cashless, while Dwolla raised $21 million for its API that allows companies to build and facilitate fast payments.”