Singaporean fintech firm Nium looks to book $6b in transactions by Q4 2021

Singapore-based fintech startup Nium has handled up to US$2.1 billion transactions in the last quarter, aiming to hit US$6 billion in the fourth quarter of this year, its CEO and co-founder Prajit Nanu announced.

With this momentum, the exec also said in a LinkedIn post that the company’s looking to onboard more talent globally. Nanu, however, did not specify if the target transaction value for the end of the year is for the fourth quarter alone or its total for 2021.

Nanu declined Tech in Asia’s request for more details on the matter.

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

The exec told Tech in Asia last year that the company moved roughly US$5 billion in 2019. During that year, the company more than tripled its revenue year-on-year to US$7.3 million, company filings showed.

However, it was overshadowed by Nium’s US$25.4 million in losses after taxes, owing to ballooning expenses. According to its filings, salary expenses more than doubled to US$9.8 million, while promotions and advertising spending jumped almost 3x to US$7.2 million.

Vertex Growth’s managing director James Lee, however, said in August 2020 that Nium had a clear path to profitability with improving margins. The investor added that Nium’s transaction volume from January through August last year already exceeded the company’s 2019 numbers.

Vertex is a major investor in Nium, sitting alongside companies such as Visa, BRI Ventures, Rocket Internet, and GSR Ventures.

See Also: Nium posts $7.3m in revenue and $25.4m in losses, but margins are improving

Additionally, the company announced last year that it’s looking to raise US$100 million ahead of a potential New York listing some time between 2021 to 2022.