Difference between revisions of "Nium"
| Line 1: | Line 1: | ||
| − | [[wikipedia:Nium]] is a Singapore-headquartered Fintech company. Originally founded by Prajit Nanu and Michael Bermingham,.<ref>https://www.nium.com/about-us</ref> and launched as consumer-remittance platform [[Instarem]] in 2014,<ref>https://techcollectivesea.com/2020/12/22/from-zero-to-100-the-story-of-nium/</ref> the company launched its B2B arm in 2016<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=4e26ecec68d9</ref> and rebranded itself as Nium in 2019<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=4e26ecec68d9 </ref>, elevating Pratik Gandhi to cofounder in 2021<ref>https://fintechnews.sg/57802/fintech/nium-recognises-its-coo-pratik-gandhi-as-a-co-founder/</ref> | + | [[wikipedia:Nium]] is a Singapore-headquartered [[Fintech]] company. Originally founded by Prajit Nanu and Michael Bermingham,.<ref>https://www.nium.com/about-us</ref> and launched as consumer-remittance platform [[Instarem]] in 2014,<ref>https://techcollectivesea.com/2020/12/22/from-zero-to-100-the-story-of-nium/</ref> the company launched its B2B arm in 2016<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=4e26ecec68d9</ref> and rebranded itself as Nium in 2019<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=4e26ecec68d9 </ref>, elevating Pratik Gandhi to cofounder in 2021<ref>https://fintechnews.sg/57802/fintech/nium-recognises-its-coo-pratik-gandhi-as-a-co-founder/</ref> |
== History == | == History == | ||
Revision as of 13:59, 9 January 2023
wikipedia:Nium is a Singapore-headquartered Fintech company. Originally founded by Prajit Nanu and Michael Bermingham,.[1] and launched as consumer-remittance platform Instarem in 2014,[2] the company launched its B2B arm in 2016[3] and rebranded itself as Nium in 2019[4], elevating Pratik Gandhi to cofounder in 2021[5]
History
Founders Prajit Nanu and Michael Bermingham developed a solution to provide a transparent service for overseas money transfer[6] with close to live exchange rates. Instarem was incorporated based on the premise of online instant remittances, hence the name Instarem.[7]
By 2017, the company had begun to operate a cross-border payment service targeted at business users, including banks and retailers[8][9]. Subsequently, in 2019, the company rebranded to Nium[10], with Instarem continuing to operate as a wholly-owned consumer service.[11][12][13]
In 2021, the company made its first acquisitions[14]: Wirecard Forex, a payments services company in India,[15] and Ixaris, a travel payments optimization firm.[16] In April 2022, Nium acquired payment platform Socash.[17]
Funding
In January 2015, Global Founders Capital, Germany-based Venture Capital arm of Rocket Internet Founders, invested US$500,000 as seed round of funding in Instarem that helped the company develop its money transfer platform.[18]
In March 2016, Instarem received an investment of US$5 million in Series A from Vertex Ventures Southeast Asia & India (part of the Vertex Holdings network of funds), Fullerton Financial Holdings and Global Founders Capital, to acquire licenses for money transfer business in other markets.[19][20][21]
July 2017 followed with a Series B round of US$13 million led by GSR ventures, with participation from SBI-FMO Ventures, Vertex Ventures Southeast Asia & India, Fullerton Financial Holdings, and Global Founders Capital.[22][23] This investment was slated to further build its global payment infrastructure by way of increasing its payment corridors from 150 to around 2000.[24]
In November 2018 the company raised a Series C round of over $20 million, directed towards growth in new emerging markets in Latin America as well as Europe.[25]
This was followed by a private equity investment round of over $20 million[26] in May 2020 by BRI Ventures, the corporate venture division of Bank BRI of Indonesia, and Visa.[27]
By July 2021, the company had raised a Series D round[28] of USD$200M,[29][30] led by Riverwood Capital with participation from Temasek, GIC, Visa, Vertex Ventures, Atinum Capital, Beacon Venture Capital and Rocket Capital Investment. The company has since been characterized as a “unicorn.” Its valuation as of February 2022 is estimated at $2bn.[31]
Related
Advertising:
