Singapore fintech firm Nium lands $80.4m in ongoing series D financing

Nium has secured US$80.4 million in series D funding so far, with share prices almost tripling to US$860.34 apiece from US$292.16 in its last round, according to data sourced from VentureCap Insights.

Nium CEO and co-founder Prajit Nanu / Photo credit: Nium

The fresh raise was led by Riverwood Capital, which bought a total of 81,362 shares in Singapore-based Nium for roughly US$70 million. The round also saw participation from Vertex Growth, which got 5,811 shares for US$5 million, and Rocket Internet, which acquired 2,789 shares for US$2.4 million.

Beacon Venture Capital, Global Founders Capital, and Rajaram Family Trust also invested in this round.

Nium CEO Prajit Nanu declined to disclose further details to Tech in Asia, but he said that the fintech company is in the process of completing its series D financing, which he expects to close at the end of the month.

In 2019, it was reported that Nium was looking to raise US$100 million in its series D round.

The company offers digital remittance services across more than 100 countries in over 60 currencies. It is licensed in Hong Kong, Malaysia, India, Singapore, and the US, among others.

Nium recently inked a deal to acquire Wirecard Forex India for an undisclosed amount. The agreement includes Wirecard India’s authorized category II money exchange dealer license from the Reserve Bank of India, which will allow Nium to directly engage in currency conversion, prepaid card issuance, and other payment services in the country.

See also: Remittance startup Nium shaves losses, more than doubles revenue in 2020

According to its latest financial filing, Nium’s revenue jumped more than 2x to US$16.7 million in 2020. It also cut its losses to just US$353,000 from the US$25.4 million hit it took a year prior. However, the massive swing in EBIT (earnings before interest and tax) was primarily driven by a one-off non-cash item.