Visa backs Singapore fintech startup Nium in new funding round

Singapore-based fintech platform Nium today announced that it has raised an undisclosed amount of funding from new investors Visa and BRI Ventures, the corporate venture arm of Indonesia’s Bank BRI.

Some existing investors also participated in the round.

Photo credit: Nium

The company will use the new capital to further develop its payment infrastructure, which includes outreach to consumers, businesses, banks, and other financial institutions, according to a statement.

A significant portion of the new funds will also go towards product development and tuck-in acquisitions in markets such as Europe, India, the UK, and the US.

See also: Nium turns global amid tighter regulations in home market

“We are interested in tech infrastructure players with capabilities in issuance, local payment rails, etc., which complement our own and can help us ship faster in markets we are bullish on,” said Prajit Nanu, CEO and co-founder of Nium.

The startup has raised more than US$59 million to date over several funding rounds, according to its website. Its other investors include Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, Rocket Internet, Global Founders Capital, SBI Japan, and MDI Ventures, among others.

Nium started in 2015 as Instarem. It offers cross-border payments and money transfer services for both consumers and businesses.

For its remittance-as-a-service capabilities, the company said it currently serves millions of customers across 10 places including Australia, Canada, Europe, Hong Kong, India, Indonesia, Japan, Malaysia, Singapore, and the US.

Its enterprise solutions, which include payroll disbursement and expense management, among others, are present in six continents, the startup said.

It currently operates its Send, Spend, and Receive business in over 90 countries.