Singapored-based global B2B payments platform Nium raised at least US$200 million in a Series D funding round led by United States-based high-growth tech investor Riverwood Capital.
Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other angel investors also contributed to this funding round.
So far, Nium has raised a total of nearly US$300 million. Following this, Nium’s current valuation is above US$1 billion, making it the first B2B payments unicorn from Southeast Asia.
The Series D fund will be used to expand Nium’s payments network infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies.
Also, serving hundreds of enterprise clients, and with plans to onboard thousands more, Nium will use the Series D funds to expand its technical infrastructure and add new embedded fintech services.
Through a single API, Nium provides access to the world’s payment infrastructure, including technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service.
“We started Nium with the humble goal of taking out regional complexity in cross-border payments,” said Prajit Nanu, Nium’s co-founder and CEO.
“Today, our sights are set higher. We believe we can be a global catalyst to increase global commerce, removing some of the payments friction which has traditionally held businesses back,” said Nanu.
Alex Porto, principal at Riverwood Capital, said Nium has built an extremely rare global footprint of licensed infrastructure that brings the world closer to global real time gross settlement.
“We believe that Nium is on track to be a central component of the global fabric, providing faster and more democratic money movement and we look forward to supporting their growth in this next phase,” said Porto.
The capital infusion arrives at a time when the global market opportunities for Nium in embedded financial services, cross-border transfers, and card payments are large and rapidly expanding. Nium estimates these global trends to have a total addressable market of nearly $50 trillion.