SG fintech unicorn Nium to acquire local payments firm

Singapore-based fintech unicorn Nium said it will acquire alternative payment network platform Socash for an undisclosed sum.

The deal, which is expected to close in Q3 2022, will provide Nium with the team and tech to accept several forms of local payment methods for digital commerce, especially in emerging markets.

Photo credit: Nium

Together, Nium and Socash aim to become a full-stack platform for global merchants that has the capabilities for local acceptance, multicurrency accounts, foreign exchange, and global payouts.

Founded in 2014, Nium provides banks, payment providers, and businesses with access to global payment and card issuance services. The company facilitates transactions in 27 markets, including Southeast Asia, the UK, Hong Kong, Singapore, Australia, India, and the US.

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Meanwhile, Socash connects financial institutions and digital commerce merchants to allow consumers to deposit, withdraw, and make payments with cash from over 30,000 local shops, cafes, and grocery stores.

The acquisition comes amid a shift in consumer preferences toward alternative payment methods in Southeast Asia. Amid the Covid-19 pandemic, about 30% of consumers lowered their use of traditional payment methods.