Singapore-based leading B2B payments platform has raised $200 Million in Series D round funding at the valuation of $1 Billion.
Led by Riverwood Capital, the round also saw the participation from 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.
“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,” Nium in its statement said.
Speaking on the investment, said Prajit Nanu, Nium’s Co-founder and CEO said, “We started Nium with the humble goal of taking out regional complexity in cross-border payments. 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. The Nium platform simplifies the B2B payments experience by enabling critical financial services to be easily embedded – helping today’s local market players become tomorrow’s global giants.”
Nium’s business has significantly scaled in the past year. Nium processes US$8 billion in payments annually. It has issued more than 30 million virtual cards to date. 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.
Commenting on Francis of the investment in Series D round, Alvarez-Demande, Co-Founding Partner and Managing Partner, Riverwood Capital said, “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. We could not be more excited about this partnership and look forward to seeing Nium continue to set the standard for how global payments are delivered.”
“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,” Alex Porto, Principal, Riverwood Capital added.
Further adding to the statement, Pratik Gandhi, COO -NIUM said, “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%, with much of this growth attributed to critical engineering- and product-focused roles.”
