Nium taps into card issuance growth en route to 2026 IPO

Temasek and GIC-backed Nium became one of Singapore’s fintech unicorns in 2021. It achieved this feat after closing a US$200 million round in July that year, valuing the firm at US$1 billion.

Nium CEO and co-founder Prajit Nanu speaking during the 2024 Singapore Fintech Festival / Photo credit: Nium

Today, Nium is in over 190 markets, offering services like cross-border remittances, payout, card issuance, and banking-as-a-service.

The Singapore-based company reported last August that it had processed about US$50 billion in annual payment volume and hit its first EBITDA-positive month in July 2025.

Nium and its subsidiaries reported a net revenue growth of 13.3% year-on-year to S$167.2 million (US$130.4 million), its audited financial statement shows. Meanwhile, interest income within the same period climbed 10% to US$9.9 million.

Loss before tax narrowed slightly but remained roughly flat at US$66.4 million.

A bulk of the firm’s revenue growth came from the card issuance segment.

According to Nium’s financial statement, the segment generated US$300.5 million in revenue, up from US$236.1 million in 2023, excluding rebates. This business derives income from interchange, set-up, and card maintenance fees.

Revenue from its payout business remained flat at US$44.1 million that year. This vertical includes income from remittance fees and foreign exchange margin, the financial statement shows.

Nium declined to comment on its financials when contacted by Tech in Asia.

A wider finance play

Nium was first established as a cross-border remittance platform for consumers. In 2019, it rebranded from its original name, Instarem, as it expanded into wider enterprise solutions.

The firm maintains its Instarem brand and cross-border money transfer service. According to its website, Instarem uses Nium’s forex payments technology. The brand is also in charge of the Amaze card, which allows users to link up to five Mastercard debit or credit cards.

In 2024, Nium paid out US$214.2 million in rebates to customers. This amount accounted for 62% of its gross revenue, a slight increase from 59% in 2023. The company classifies rebates as the incentives it gives customers for both money remittance and card issuance.

To drive spending, many corporate card issuers provide rebates to firms based on their spending volume and repayment timeliness.

Narrowing losses

Profits within eyeshot