Nium has announced it has raised $50m in a Series E funding round. The round was led by a sovereign wealth fund in Southeast Asia and values the company at $1.4bn post-money.
The sovereign wealth fund joins other newly added investors from Nium’s prior funding round, including BOND, NewView Capital, and Tribe Capital. Nium will use the funds to further accelerate its growth plans in the B2B payments market, which is projected to reach $175trn by 2030, including fuelling global network expansion, accelerating product innovation and pursuing M&A activity.
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Prajit Nanu, Founder and CEO at Nium, said: “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 recognised 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 and are looking forward to working closely together with them to continue to advance our business.”
Nium also holds regulatory licences and authorisations in more than 40 countries
Nium has experienced strong revenue growth of 50%+ in 2023 compared to 2022. This can be attributed to the company’s focused product development roadmap, which has delivered on features serving client use cases in industries such as travel, payroll, spend management and financial services.
Nium recently received additional approvals including a Type 1 Funds Transfer Service Provider (FTSP) licence from Japan’s Financial Service Agency (FSA) and registration on the Financial Service Provider Register (FSPR) in New Zealand.
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