Nium, a global leader in real-time cross-border payments, announced it has raised $50 million in a Series E funding round. A Southeast Asia-based sovereign wealth fund led this funding round and values the company at $1.4 billion post-money. The sovereign wealth fund joins other newly added investors from Nium’s previous funding round, including BOND, NewView Capital, and Tribe Capital.
The company will use this funding to accelerate its growth plans in the B2B payments market such as fueling global network expansion, accelerating product innovation, hiring top talent, and pursuing M&A activity.
Nium experienced strong revenue growth of over 50% last year compared to 2022. This is due to the company’s focused product development roadmap, which has delivered on features serving mission-critical client use cases in industries like travel, payroll, spend management, and financial services. And recent client wins include, Australian expense management leader, Weel and one of UAE’s leading banks, Emirates NBD.
Essential to Nium’s success has been the recent expansion of its license portfolio, which allows it to do business directly in several jurisdictions. And Nium also holds regulatory licenses and authorizations in over 40 countries, and recently received additional approvals including a Type 1 Funds Transfer Service Provider (FTSP) license from Japan’s Financial Service Agency (FSA) and registration on the Financial Service Provider Register (FSPR) in New Zealand.
This year, Nium also appointed former Bank of America executive Alexandra Johnson, as Chief Payments Officer to oversee the businesses Global Banking and Payment Operations teams, former PayPal executive, and Rissy Ruddy as Chief Human Resources Officer to lead all people functions, and former Revolut executive Anton Pasiechnikov as VP of Finance. These leaders add to an already strong leadership team that Nanu has been building.
KEY QUOTES:
“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, SaaS platforms, travel, and financial institutions, for whom payments are mission critical. Our recent enterprise wins with globally recognized brands show that there is strong demand for our customer-centric B2B payment solutions as global businesses overhaul systems for the real-time era.”
“This investment is proof of our global success at a time when raising money is exceptionally difficult for late-stage, venture-backed companies. Our investors believe in our long-term mission of building the payments infrastructure for on-demand money movement and this additional investment will allow us to accelerate our aspirations. We’re privileged to have this support are looking forward to working closely together with them to continue to advance our business.”
- Prajit Nanu, Founder and CEO at Nium
