Nium, a global B2B payments platform, has raised over $200 million in Series D round led by Riverwood Capital – a US-based high-growth tech investor. Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors, including DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also contributed to the round.
Nium’s current valuation is above $1 billion, and the company claimed making it makes it “the first B2B payments unicorn from Southeast Asia”. The funding will be used to expand Nium’s payments network infrastructure, drive innovative product development, attract top industry talent, and acquire strategic technologies and companies. Total money raised by Nium to date, including this Series D, stands at nearly $300 million.
“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 payment friction which has traditionally held businesses back.”
Nium’s Co-founder and CEO Prajit Nanu
Nium has established its platform as the preferred connection to the global payments infrastructure. 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. Once connected, Nium customers can send funds to more than 100 countries (most in real-time), pay out in more than 60 currencies, accept funds in 7 currencies, and issue cards in more than 40 countries. Foundational to Nium is its license portfolio, owning the most complete set of money transfer, card issuance and banking licenses in Fintech, with services available in 11 jurisdictions.
Nium processes $8 billion in payments annually. It has issued more than 30 million virtual cards to date. Its revenues grew by more than 280 percent year-over-year. With revenues split almost equally across EMEA and APAC, Nium will use funds from this round to accelerate growth in the United States and Latin America.
The company has done two recent strategic acquisitions recently, including the acquisition of travel B2B payments leader, Ixaris, which added comprehensive virtual card issuance capabilities to the Nium platform, as well as the acquisition of Wirecard Forex India Private Limited, which gives Nium reach into India’s booming payments market. The Series D investment provides the flexibility to explore additional strategic opportunities.
“Prajit and the incredibly talented team at Nium have redefined payments for the modern era with an infrastructure that finally makes it easy for companies to embed financial services into business and banking applications,” said Francisco Alvarez-Demalde, Co-Founding Partner and Managing Partner, Riverwood Capital.
Pratik Gandhi, COO, NIUM added,
“This round of funding provides us with the capital to further fuel our global expansion plans. India presents not only a significant market opportunity but is also an important source of high-caliber talent. We plan to grow the number of colleagues we have in India by more than 60 percent, with much of this growth attributed to critical engineering- and product-focused roles.”
Financial Technology Partners (FT Partners) served as exclusive strategic and financial advisor to Nium on its Series D.