Log in
E-mail
Password
Show password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

Singaporean payments firm Nium raises over $200 mln to become 'unicorn'

07/26/2021 | 11:00pm EDT

July 26 (Reuters) - Singapore-based business payments firm Nium raised more than $200 million in fresh funds in a round led by tech investor Riverwood Capital, it said on Monday, as it joined the "unicorn" club of startups valued at more than $1 billion.

Including the latest round, which also saw participation from Singapore state investor Temasek Holdings, payments processor Visa Inc and venture capital firm Vertex Ventures, Nium said it had raised nearly $300 million in capital so far.

Nium said the funds will be used to expand its network infrastructure, drive product development and purchase new technologies and companies.

Funds raised will also help in speeding up Nium's growth in the United States and Latin America, the company said.

Financial technology, or "fintech", firms like Nium have seen demand for their products and services grow as the world increasingly shifts away from traditional, brick-and-mortar modes of banking, a trend accelerated by the COVID-19 pandemic.

Launched as Instarem in 2014, Nium gives businesses access to technologies for issuing cards and allowing banking transactions besides making and receiving cross-border payments.

It processes $8 billion annually in payments and has issued more than 30 million virtual cards so far, the company said, adding that it saw a near four-fold increase in year-on-year revenue. (Reporting by Sohini Podder; Editing by Saumyadeb Chakrabarty)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MSCI SINGAPORE (GDTR) 0.93% 6540.383 Real-time Quote.11.98%
VISA 1.44% 231.59 Delayed Quote.5.88%
Latest news "Economy & Forex"
06:05aChina welcomes Huawei executive home, but silent on freed Canadians
RE
06:05aChinese police take away HNA chairman, CEO on suspicion of crimes
RE
06:04aPalm prices seen firm until Feb, but could ease from March -analyst Mistry
RE
05:00aHaitian migrants on the move weigh jobs in Mexico after clearout
RE
04:55aZimbabwe bolsters emissions targets ahead of climate summit
RE
04:16aGroup behind Hong Kong's annual Tiananmen vigil disbands amid probe
RE
04:15aS&P pushes Ethiopia's ratings into junk territory on delayed debt restructuring
RE
04:04aMoody's upgrades Hungary's rating on strong rebound in boon for Orban
RE
04:03aChinese coal firms meet to address winter supply challenges
RE
03:31aBritain expected to ease visa rules as truck driver shortage bites
RE
Latest news "Economy & Forex"