Singapore-based cross-border payment platform developer Nium secured over $200m today in a series D round backed by payment services firm Visa at a valuation of more than $1bn.
Riverwood Capital led the round, which also featured financial services firm Kasikorn Bank’s Beacon Venture Capital unit, the Singaporean state-owned Temasek and its Vertex Ventures subsidiary, Atinum Group of Funds, Rocket Capital Investment and individuals including Gokul Rajaram, Vicky Bindra and Arjun Sethi.
Nium has developed a modular software platform able to provide access through a single API to a global payment infrastructure, allowing banks, payment providers, e-commerce businesses and travel agencies to collect and disburse funds across more than 100 countries and issue physical and virtual cards globally.
The round took the overall funding raised by Nium to nearly $300m since it was founded in 2015 as Instarem, the company said. The capital will be used to expand its payments network infrastructure, accelerate product development, scale its team and make strategic acquisitions.
Earlier this month, DealStreetAsia reported that Nium had collected $78m in series D funding from investors including Rocket Internet, Vertex Growth, Riverwood Capital Partners, Global Founders Capital and Rajaram Family Trust, hitting a valuation of approximately $703m.
The company received an undisclosed amount of series D funding in May 2020 from Visa and financial services firm Bank BRI of Indonesia, the latter investing 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 collected $41m in a March 2019 series C round backed by Rocket Internet, telecommunications firm Telkom Indonesia’s MDI Ventures vehicle, blockchain financial transfer platform Ripple, Beacon Venture Capital, financial services provider SBI, Vertex Ventures, Atinum Investment and GSR Ventures.
The series C round came after Nium secured $5m in series A funding from Vertex Ventures, Fullerton Financial and GFC in 2016 and $13m in a 2017 round featuring SBI, GSR Ventures, Vertex Ventures, Fullerton Financial Holdings, Global Founders Capital and Emerging Asia Financial Sector Fund.