Photo credit: Nium
Nium, a payments startup backed by Singapore’s GIC and Temasek, has raised US$50 million in a series E funding round, which values the company at US$1.4 billion post-money.
The funding round was led by a sovereign wealth fund in Southeast Asia, joined by new investors from the prior round, such as Bond, NewView Capital, and Tribe Capital, said the startup on Wednesday.
Nium said it will use the funds to accelerate its growth plans in the B2B payments market, including global network expansion, product innovation, and potential M&A activity.
“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions,” said Prajit Nanu, founder and CEO at Nium.
He added that the firm focuses on catering to marketplaces, SaaS platforms, as well as travel and financial institutions, “for whom payments are mission-critical.”
According to Nium, its 2023 revenue rose more than 50% from its year-ago figure, which can be attributed to its focused product development roadmap.
“Recent client wins include Australian expense management leader Weel and one of the UAE’s leading banks, Emirates NBD,” the company added.
See also: Indonesia puts more constraints on online lenders, but at what cost?
This story was republished with permission from The Business Times. It was moderately edited to reflect Tech in Asia’s editorial guidelines.
Editing by Dhania Putri Sarahtika
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