SG’s Nium is SE Asia’s first B2B payments unicorn after $200m Series D funding

Nium co-founder and CEO Prajit Nanu

Singapore-based cross-border payments firm Nium has raised over $200 million in a Series D funding valuing the firm at over $1 billion, making it Southeast Asia’s first B2B payments unicorn, said the firm in a statement.

This marks the second close of its Series D, which DealStreetAsia first reported earlier this month in which Nium raised about $78 million from US-based growth investor Riverwood Capital Partners, Vertex Growth, and other investors.

According to Nium, the latest Series D round was led by Riverwood Capital Partners and joined by Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and other notable angel investors. Individual investors include DoorDash executive Gokul Rajaram; FIS chief product officer Vicky Bindra; and Tribe Capital co-founder Arjun Sethi.

Financial Technology Partners was the exclusive strategic and financial advisor for Nium’s Series D round.

Nium shared that the fresh capital will be used to expand its payments network infrastructure, drive product development, talent hiring, and strategic acquisitions in the United States and Latin America.

The B2B payments firm has already announced two major acquisitions this year — London-based B2B payments company Ixaris, as well as Wirecard Forex India Private Limited, involving the takeover of Wirecard’s foreign currency exchange, pre-paid card, and remittance service provider in India.

“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 in a statement. “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.”

Nium’s platform promises a simplified B2B payments experience for clients, offering a range of services such as pay-outs, pay-ins, card issuance, and banking-as-a-service. Its customers can send funds to over 100 countries and payout in more than 60 currencies, accept funds in 7 currencies and issue cards in over 40 countries. Its licence portfolio ranges across money transfer, card issuance, and banking licences in 11 different jurisdictions.

According to Nium, its revenues have jumped 280% year-on-year, on the back of growing demands for seamless money transfer and payment services globally. It processes $8 billion in payments every year and has issued more than 30 million virtual cards to date.

“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. “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 is also understood to be readying itself for a public listing in the US.

Prajit Nanu, its chief executive and co-founder, had 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 NYSE.

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.