NIUM closes new round joined by VISA, BRI Ventures and others

Singapore-based cross border payments firm Nium (formerly InstaReM) has closed a fundraising round joined by Visa, BRI Ventures, and other existing investors, according to a statement. The size of the round was not disclosed.

Founded in 2015, Nium was previously known as InstaReM, short for instant remittances. Since then, the company has scaled significantly beyond remittances, allowing businesses to send, spend and receive money in over 38 markets around the world. Its clients range widely across sectors such as small and medium enterprises (SMEs), financial institutions, fintechs, e-commerce platforms and travel companies.

Nium added that it will use the freshly raised funds to develop its payment infrastructure to broaden reach across consumers, SMEs, large enterprises, banks and financial institutions. It is eyeing at least 1-2 acquisitions this year to enhance its product capabilities and enter new markets across Europe, India, the UK and the US.

The COVID-19 outbreak hasn’t had a significant impact on Nium’s business so far, according to its CEO and co-founder, Prajit Nanu. However he did share that he expects transaction volumes to soften by 10-15 per cent in Q2 as the impact of COVID-19 begins to set on global spending and transactions.

The Singapore-based company last saw some $2 billion worth of transactions flow through its platform in Q1. No adjustments have been made to Nium’s revenue targets so far, but Nanu shared it is something he is watching closely.

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Source: Deal Street Asia
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