Singapore remittance startup Instarem rebrands as Nium

Singapore-based remittance startup Instarem has rebranded as Nium as the company transitions to become a global enterprise payments platform.

Nium CEO Prajit Nanu / Photo credit: Instarem

According to an official statement issued by Nium, the rebranding was announced at the Money 20/20 event in Las Vegas in the US on Sunday. The firm’s co-founder and CEO, Prajit Nanu, said that Nium is derived from the Sanskrit word for rules and principles.

With a new name, Nium aims to create a world of “open money” where cash can be electronically transferred with no hassle.

Nium’s platform enables businesses to send, spend, and receive money from around the world. Businesses can also buy Nium’s off-the-shelf products and work with the platform to build custom integrations for their enterprise tech stack or even build products and services that make cross-border transactions more convenient.

Instarem was founded in 2015 to simplify cross-border payments. The company has gradually evolved beyond remittance, adding offerings to meet the needs of small and medium enterprises, financial institutions, and other payment service providers. The firm has raised US$59 million in four funding rounds so far, making it one of the most-funded fintech companies in Southeast Asia.

Instarem will remain a digital remittance solution that is now powered by the Nium platform, the statement said.

This report was first published on KrAsia.