- Visa will be joined by BRI Ventures and others as part of a Series C funding round
- Overall amount raised has not been revealed
- “We will focus on vertical expertise in markets like Europe, India, UK and the US”, said Nium’s chief executive
Online money transfer firm Nium has announced a new Series C funding round.
Nium, which is based in Singapore and is formerly known as InstaReM, did not reveal the overall amount raised as part of the round.
However, it is understood that a range of top-level investors are involved in financing the firm in this round.
They include BRI Ventures, which is the corporate investing part of Bank BRI based in Indonesia.
Other investors include the well-known global financial services firm Visa.
The firm said that it intends to make some acquisitions with the money, and also to extend its reach in various current and future markets.
Statements from those involved revealed more details about the context of the investments and the reasons behind it.
According to Prajit Nanu, who serves as the chief executive and co-founder of Nium, the move would enable strategic expansion.
“We are interested in tech infrastructure players with capabilities in areas such as issuance and local payment rails which complement our own, and which can help us ship faster in markets we are bullish on”, he said.
“We will focus on vertical expertise in markets like Europe, India, UK and the US”, he added.
For BRI Ventures, chief executive Nicko Widjaja focused on the firm’s move towards the Indonesian market.
"We have been working closely with Nium since their InstaReM days, when it was processing consumer remittance, and are excited to witness its growth as it expands their service offerings to include financial institutions and corporates”, Widjaja said.
The potential of financial technology is limitless and we look forward to supporting Nium on its path of growth as it expands its presence into Indonesia and beyond”, he added
From Visa, Chris Clark – who serves as regional president in the Asia-Pacific – said: “Nium and Visa’s collaboration began in early 2019, when Nium joined the Visa Fintech Fast Track programme in the Asia-Pacific”, he said.
“We’ve worked together on new commerce experiences like instant remittances for consumers and businesses in South-east Asia... Working with fintechs like Nium is a key part of Visa’s strategy to enable payments for anyone, anywhere, on any network”, he added.
Seeing Nium receive this funding round is to see the growth of a successful firm as it happens.
The firm has been open about the fact that it intends to use the funding to pick up other, smaller firms, and it will be interesting to see which ones it invests in.
For those in the international money transfer industry, it’s a case of watch this space.
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