Difference between revisions of "Nium"
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| − | [[wikipedia:Nium]] | + | [[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 == | ||
| + | Founders Prajit Nanu and Michael Bermingham developed a solution to provide a transparent service for overseas money transfer<ref>http://anthillonline.com/how-international-money-transfers-ruined-a-bucks-weekend-and-sparked-a-global-startup/</ref> with close to live exchange rates. Instarem was incorporated based on the premise of online instant remittances, hence the name Instarem.<ref>https://www.nium.com/about-us</ref> | ||
| + | |||
| + | By 2017, the company had begun to operate a cross-border payment service targeted at business users, including banks and retailers<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=7507751e68d9</ref><ref>https://techcrunch.com/2017/07/04/instarem-eyes-ipo-in-2020/</ref>. Subsequently, in 2019, the company rebranded to Nium<ref>https://www.crowdfundinsider.com/2019/10/153400-payments-fintech-instarem-rebrands-as-nium/</ref>, with Instarem continuing to operate as a wholly-owned consumer service.<ref>https://www.pymnts.com/news/payments-innovation/2019/instarem-rebrands-to-nium-launches-open-money-network/</ref><ref>https://techcollectivesea.com/2020/12/22/from-zero-to-100-the-story-of-nium/</ref><ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=7507751e68d9</ref> | ||
| + | |||
| + | In 2021, the company made its first acquisitions<ref>https://www.businesstimes.com.sg/garage/fintech-nium-eyes-more-ma-deals-on-path-to-ipo</ref>: Wirecard Forex, a payments services company in India,<ref>https://economictimes.indiatimes.com/tech/startups/singapores-nium-to-acquire-wirecards-forex-unit-in-india/articleshow/84194276.cms?from=mdr</ref> and Ixaris, a travel payments optimization firm.<ref>https://www.fintechfutures.com/2021/06/singapore-fintech-nium-acquires-b2b-travel-payments-firm-ixaris/</ref> In April 2022, Nium acquired payment platform Socash.<ref>https://www.pymnts.com/acquisitions/2022/nium-signs-deal-for-acquisition-of-socash/</ref> | ||
| + | |||
| + | == 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.<ref>https://www.vccircle.com/singapore-fintech-startup-instarem-raises-13-mn-to-expand-payment-infrastructure-mumbai-ops</ref> | ||
| + | |||
| + | In March 2016, Instarem received an investment of US$5 million in [[Series A round|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.<ref>https://techcrunch.com/2016/03/15/instarem-raises-5m-to-make-overseas-money-transfers-cheaper-and-faster-in-asia/</ref><ref>https://www.vccircle.com/singapore-fintech-startup-instarem-raises-13-mn-to-expand-payment-infrastructure-mumbai-ops</ref><ref>https://www.techinasia.com/instarem-raises-5m-from-investors-led-by-vertex-ventures</ref> | ||
| + | |||
| + | 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.<ref>https://economictimes.indiatimes.com/small-biz/money/singapore-startup-instarem-with-indian-cofounder-raises-13-million/articleshow/59436922.cms</ref><ref>https://techcrunch.com/2017/07/04/instarem-eyes-ipo-in-2020/</ref> This investment was slated to further build its global payment infrastructure by way of increasing its payment corridors from 150 to around 2000.<ref>https://www.vccircle.com/singapore-fintech-startup-instarem-raises-13-mn-to-expand-payment-infrastructure-mumbai-ops</ref> | ||
| + | |||
| + | 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.<ref>https://techcrunch.com/2018/11/21/instarem-raises-20m/</ref> | ||
| + | |||
| + | This was followed by a private equity investment round of over $20 million<ref>https://www.forbes.com/sites/danielwebber/2022/01/19/nium-inside-b2bs-newest-global-payments-unicorn/?sh=4e26ecec68d9 </ref> in May 2020 by BRI Ventures, the corporate venture division of Bank BRI of Indonesia, and Visa.<ref>https://www.crowdfundinsider.com/2020/05/161107-fintech-firm-nium-acquires-additional-funding-from-visa-bri-ventures-gsr-ventures-vertex-ventures-others/</ref> | ||
| + | |||
| + | By July 2021, the company had raised a [[Series D]] round<ref>https://techcrunch.com/2021/07/26/nium-crosses-1b-valuation-with-200m-riverwood-capital-led-round/ </ref> of USD$200M,<ref>https://www.reuters.com/technology/singaporean-payments-firm-nium-raises-over-200-mln-become-unicorn-2021-07-27/</ref><ref>https://www.bloomberg.com/news/articles/2021-07-27/singapore-fintech-startup-nium-tops-1-billion-valuation </ref> 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 (finance)|unicorn]].” Its valuation as of February 2022 is estimated at $2bn.<ref>https://www.dealstreetasia.com/stories/nium-valuation-doubles-280726</ref> | ||
| + | |||
| + | == Related == | ||
* [[NiumPay]] | * [[NiumPay]] | ||
| + | * [[Volopay]] | ||
| + | |||
| + | |||
| + | == See also == | ||
| + | * {{Nium}} | ||
Latest revision as of 23:00, 8 September 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]
Contents
History[edit]
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[edit]
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[edit]
See also[edit]
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