Singapore-based cross-border payment platform Nium today closed a series D round backed by payment processing firm Visa and financial services firm Bank BRI of Indonesia.
A range of unnamed existing investors also took part. Bank BRI participated through its corporate venturing arm, BRI Ventures.
Although the round’s size was not confirmed, reports late last year suggested the company was seeking between $75m and $100m.
Founded in 2015 as Instarem, Nium has built a cross-border remittance service aimed at enterprise clients, such as financial services firms, e-commerce companies and travel agencies, in the Asia-Pacific region.
Visa’s investment in Nium follows the latter’s participation in the corporate’s Fintech Fast Track program in 2019.
Nium will use the capital to continue work on its payment infrastructure. The company is also considering at least one or two strategic acquisitions this year to enhance its technology and to expand into the US, the UK, India and Europe.
Nium previously obtained a combined $59m in equity funding.
MDI Ventures, a unit of telecommunications firm Telkom Indonesia, participated in a $41m series C round in March 2019 together with blockchain financial transfer platform Ripple and e-commerce holding group Rocket Internet.
The series C round also attracted financial services providers SBI and Kasikorn Bank’s Beacon Venture Capital division, as well as Vertex Ventures, Atinum Investment and GSR Ventures.
Nium had earlier received $13m in funding from SBI-backed SBI-FMO Emerging Asia Financial Sector Fund, GSR Ventures, Emerging Asia Financial Sector Fund and returning backers Vertex Ventures, Fullerton Financial Holdings and Global Founders Capital.
