[Updated] SG’s Nium raises $78m in Series D funding from Riverwood Capital, Vertex Growth, others

Nium co-founder and CEO Prajit Nanu. Photo: Nium

Singapore-based cross-border payments firm Nium has bagged about $78 million in Series D funding from Riverwood Capital Partners, Vertex Growth and other investors this month, according to regulatory filings.

The funding is part of the startup’s $80.35 million Series D round. Nium is issuing 93,402 Series D preference shares as part of the round at about $860.34 apiece, shows a recent filing with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).

Menlo Park-based private equity firm Riverwood Capital Partners contributed nearly $70 million to the latest round via three funds, representing the bulk of the fundraising.

Riverwood Capital is a US investor focused on technology businesses in B2B software, telco infrastructure and tech-enabled businesses, writing cheques of between $25 million and $125 million per deal. According to SEC filings, Riverwood raised $1.3 billion in capital commitments for its third private equity fund and parallel vehicles last year.

Apart from Riverwood, the other investors in Nium’s Series D round were Vertex Growth Fund ($5 million), Rocket Internet ($1.52 million) via two funds, Global Founders Capital ($600,000) and the Rajaram Family Trust ($100,000), which DealStreetAsia understands to be linked to DoorDash executive Gokul Rajaram. Rajaram is an active angel investor and board member in US tech firms like Coinbase, Pinterest and The Trade Desk.

Existing investor Beacon VC, the corporate venture capital arm of Thailand’s Kasikornbank, is expected to inject an additional $2.26 million as part of the Series D round.

Source: Nium’s ACRA filing

According to DealStreetAsia’s calculations, the round also led to a more than 3x jump in Nium’s valuation to $705.53 million.

DealStreetAsia has reached out to Nium for comment.

Nium’s Series D fundraise comes shortly after the announcement of two major acquisitions this year.

Last week, the Singapore-based firm announced plans to acquire Wirecard India’s operations, which would involve the takeover of its foreign currency exchange, pre-paid card and remittance service provider in India. Last month, Nium announced that it signed a definitive agreement to acquire London-based B2B payments company Ixaris – a transaction which it expects to close in the third quarter of 2021.

In April, Nium had also raised $21 million from Temasek subsidiary Ossa Investments in a round that involved a mix of primary and secondary transactions.

To date, Nium has raised more than $170 million in equity funding. Other investors on its cap table include Visa, Ripple, Atinum Investment, BRI Ventures, MDI Ventures and Beacon Venture Capital.

Founded in 2015, Nium is able to conduct real-time transactions across 65 markets in 63 global currencies. Its clients range widely across sectors including names such as Singtel, Bank BRI, Travelex, Frente and Ebury.

Nium is understood to be readying itself for a public listing in the US. Prajit Nanu, its chief executive and co-founder, has previously shared plans on social media to relocate to San Francisco, which will see the firm further build its presence in the US market. Nanu last shared with DealStreetAsia that the company aims to eventually list on the New York Stock Exchange (NYSE).

[Editor’s note: This story was updated on July 13 to clarify that Nium has received $78 million this month as part of an $80.35 million Series D round.]

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.