Singapore-based cross-border payment platform developer Nium has received $78m in a series D round featuring e-commerce holding group Rocket Internet, DealStreetAsia reported today, citing a regulatory filing.
The round was also backed by Vertex Growth, a subsidiary of Singaporean state-owned firm Temasek, as well as Riverwood Capital Partners, Global Founders Capital and Rajaram Family Trust. It valued the company at $703m, a more than threefold increase from its previous valuation, according to DealStreetAsia.
Founded in 2015 as Instarem, Nium provides a modular platform for payments and card-issuance that allows banks, payment providers, e-commerce businesses and travel agencies to collect and disburse funds in local currencies across more than 100 countries, and issue physical and virtual cards globally.
The company secured an undisclosed amount of series D funding in May 2020 from payment services firm Visa and financial services firm Bank BRI of Indonesia, the latter through its BRI Ventures unit, as well as unnamed existing investors. It had reportedly been seeking $75m to $100m as of December 2019.
Nium had received $41m in a March 2019 series C round featuring Rocket Internet, telecommunications firm Telkom Indonesia’s MDI Ventures vehicle, blockchain financial transfer platform Ripple, financial services providers SBI and Kasikorn Bank (through Beacon Venture Capital), Vertex Ventures, Atinum Investment and GSR Ventures.
The series C round came after Nium raised $13m in a 2017 round featuring SBI, GSR Ventures, Vertex Ventures, Fullerton Financial Holdings, Global Founders Capital (GFC) and Emerging Asia Financial Sector Fund. It had secured $5m in series A funding from Vertex Ventures, Fullerton Financial and GFC in 2016.