Rocket Internet-backed Nium signs deal to acquire travel payments firm Ixaris

Singapore-based fintech startup Nium announced it has signed a definitive agreement to acquire travel payments firm Ixaris by the third quarter of the year.

Financial details of the deal were kept undisclosed.

Nium Card / Photo credit: Nium

Ixaris provides flexible funding and payment methods that help airlines and online travel agents (OTAs) reduce surcharges, earn rebates, flatten forex fees, and streamline reconciliation. It issued over 10 million virtual cards in 2019.

The acquisition would be an additon to Nium’s network that helps customers in over 40 markets deploy new financial services such as card issuance and cross-border payments.

“Airlines and OTAs are actively transforming their technologies and processes in anticipation of a surge in global travel happening this year,” said Prajit Nanu, co-founder and CEO of Nium. “The travel industry has long been dependent on slow-moving, monolithic payment platforms.”

The company said it handled up to US$2.1 billion transactions in Q4 2020 and aims to hit US$6 billion in the fourth quarter of this year. Financial Technology Partners (FT Partners) was Nium’s financial advisor on its acquisition of Ixaris.

This development comes after it was reported that Nium is looking to enter the US market to leverage FedNow, the US government’s instant payment service. Nanu will be personally involved in scaling and driving the business in the country as it aims to become the next “Amazon or Microsoft,” according to a report.