InstaReM, a fast-growing payments Fintech, is rebranding as “Nium.” The InstaReM brand will be maintained as a remittance platform powered by Nium which is being positioned as the “first global payments platform to enable businesses to send, spend and receive money from around the world.”
According to a company release, Nium’s goal is to create a world of “Open Money” where everyone’s money is free for them to use, whenever, wherever and however they want.
The rebranding was announced during the Money 20/20 event taking place in Las Vegas this week.
Nium explained that organizations working with their company will have the opportunity to become a member of ‘The Open Money Network’, a digital collective of financial institutions, Fintechs, e-commerce platforms, travel companies and online marketplaces. In addition to using Nium’s ability to send, spend and receive money, members of the network will be able to use the platform to build new products and services free from legacy system constraints. Think of it as Libra minus the crypto association and without the punishing affiliation of being created by Facebook.
Nium may be used in three different ways. First, Nium will offer off the shelf products. Businesses may also work with Nium for custom integrations. Or Nium’s platform may be used to build custom integrations into their tech stack that facilitates cross border payments.
Nium said it will work with “prominent financial institutions and high-profile start-ups to help them build the financial products and services that a future of ‘open money’ demands.”
Prajit Nanu, co-founder and CEO of Nium, issued the following statement on the rebranding:
“As we look to the future, our strategy is to move beyond merely creating services on our own proprietary platform. We have worked really hard in the last four years to build new capabilities that open a world of possibilities in the global payments universe. To express our broader capabilities to the world, and to engage more directly to our existing and future enterprise partners, we have rebranded InstaReM to Nium. We aspire to become enablers; creators of an open platform that businesses and partners use to build a world free of old constraints and restrictions – a true world of Open Money.”
InstaReM is regulated in the U.S., the European Union, Singapore, Canada, Hong Kong, India, Australia and Malaysia, and processes billions of dollars a year for banks, payments institutions and retail users.