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US-based payments provider Nium has announced that it secured USD 50 million in a Series E funding round led by a sovereign wealth fund in Southeast Asia
US-based payments provider Nium has announced that it secured USD 50 million in a Series E funding round led by a sovereign wealth fund in Southeast Asia. As per the information detailed in the press release, Nium raised USD 50 million in a Series E funding round, with the current capital injection valuing the company at nearly USD 1.4 billion.
In addition, the sovereign wealth fund follows other newly included investors from Nium’s prior round, such as BOND, NewView Capital, and Tribe Capital. The added funds are set to be leveraged to further accelerate Nium’s development strategy in the Business-to-Business (B2B) payments market, expected to reach USD 175 trillion by 2030. Nium plans to advance its global expansion, accelerate product development, hire additional team members, and pursue merger and acquisition (M&A) activity.
More information on the announcement According to Nium’s officials, the investment supports the company’s growth objectives, specifically as it focuses on serving the needs and requirements of marketplaces, Software-as-a-Service (SaaS) platforms, travel, and financial institutions, for whom payments represent a substantial part of their operations. Moreover, Nium’s recent developments underlined the demand for its customer-centric B2B payment solutions as global businesses work on enhancing and modernising their systems to better serve the current landscape. Furthermore, the company’s data shows that Nium saw significant revenue growth in 2023 compared to 2022, with this being potentially attributed to its focus on its product development roadmap, which delivers capabilities that serve client use cases in industries including travel, payroll, spend management and financial services. Additionally, Nium expanded its licence portfolio, which enables it to conduct business directly in multiple jurisdictions, as well as securing regulatory licences and authorisations in nearly 40 countries.
The funding closely follows the expansion of Nium’s platform features and its partnership with Lemonway, with the company aiming to better serve the needs of marketplaces and improve cross-border payments. Also, the company plans to mitigate the challenges that marketplaces with cross-border sellers face when navigating the complexities of compliance regimes, payment preferences, and FX fees. Representatives also mentioned that the investment underlines their company’s investors' trust in its long-term commitment to developing a payment infrastructure for on-demand money movement, with the capital enabling it to accelerate achieving these plans. Nium is set to continue to closely work with its investors and partners to advance its business and capabilities.
For more information about Nium, please check out the company profile in The Paypers Company Database. .
Jun 05, 2024 10:50
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