Nium, a Singapore based Fintech platform, has become a Visa issuer in Australia due to its partnership in Visa’s Fintech Fast Track program.
In a release, Nium explained that it will be able to provide end-to-end issuing, processing, and onboarding services, and shorten the lead time for Visa card issuance. Nium-issued card users will be able to conduct real-time fund transfers to both physical and virtual Visa Credit and Debit cards that support multi-currency with multi-pocket/wallet spend management features.
Nium says it will streamline and simplify access for companies with an end-to-end card issuing solutions, allowing them to operate digital wallets.
Nium cites its work with Australian SME banking solutions provider, Budgetly, to offer corporate cards to their SME clientele. The card will be linked to Budgetly’s analytics tools to help small businesses with cash flow monitoring and expense tracking. This will revamp antiquated existing corporate card management system.
“One of Nium’s primary goals is to improve business efficiency through the introduction and facilitation of financial technology, and this partnership with Visa allows us to do that at scale. The flexibility of our APIs tools and turnkey infrastructure, coupled with Visa products and services, allow us to support different use cases for Spend Management seen across various business models and platforms, from companies looking to reconcile T&E for employees, businesses looking to pay suppliers and vendors overseas, or innovative technology companies looking to send payments to their community, we are able to customise the solution for each and every single one of them,” said Gitesh Athavale, Head of Product at Nium.
This announcement comes soon after Nium introduced the addition of Visa and BRI Ventures as new investors to the six-year-old startup in May 2020.