B2B Payments Fintech Nium Secures $200M via Series D led by Riverwood Capital, Advised by FT Partners

Nium, an established B2B payments platform, reveals that they’ve acquired $200+ million through a Series D round that was led by Riverwood Capital – a U.S.-based “high-growth” technology investor.

Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment, and various angels, such as DoorDash executive, Gokul Rajaram; Chief Product Officer at FIS, Vicky Bindra; and, Co-Founder of Tribe Capital, Arjun Sethi, also made contributions to the Nium‘s investment round.

Nium’s current valuation is more than $1 billion, which makes it the very first B2B payments unicorn that’s from Southeast Asia. The proceeds from the round will be channeled towards Nium’s expansion including its payments network infrastructure, while also supporting innovative product development, attracting industry talent, and “acquiring strategic technologies and companies.”

Total money raised by Nium to date, including this Series D, “stands at nearly US$300 million.”

As noted in a release shared with CI:

“Nium has established its platform as the preferred connection to the global payments infrastructure. Serving hundreds of enterprise clients, and with plans to onboard thousands more, Nium will use the Series D funds to expand its technical infrastructure and add new embedded fintech services.”

Through a single API, Nium offers seamless access to the world’s payment infrastructure, which includes technologies for pay-outs, pay-ins, card issuance, and banking-as-a-service. Once connected, Nium clients are able to send funds to over 100 countries (most in real-time), pay out in more than 60 currencies, accept funds in 7 currencies, and issue cards in over 40 countries.

As stated in the announcement:

“Foundational to Nium is its license portfolio, owning the most complete set of money transfer, card issuance and banking licenses in fintech, with services available in 11 jurisdictions.”

Prajit Nanu, Nium’s Co-founder and CEO, stated:

“We started Nium with the humble goal of taking out regional complexity in cross-border payments. Today, our sights are set higher. We believe we can be a global catalyst to increase global commerce, removing some of the payments friction which has traditionally held businesses back. The Nium platform simplifies the B2B payments experience by enabling critical financial services to be easily embedded – helping today’s local market players become tomorrow’s global giants.”

Nium’s business has been able to scale considerably during the past year, the announcement revealed while adding that the firm handles $8 billion in payments each year.

Nium has issued over 30 million virtual cards to date. Revenues surged by over 280% YoY. With revenues split nearly equally across EMEA and APAC, Nium intends to use the capital from this round “to accelerate growth in the United States and Latin America.”

As noted in the update:

“Success will be driven by two recent strategic acquisitions, including the acquisition of travel B2B payments leader, Ixaris, which added comprehensive virtual card issuance capabilities to the Nium platform, as well as the acquisition of Wirecard Forex India Private Limited, which gives Nium greater reach into India’s booming payments market.”

The Series D investment round offers the flexibility to “explore additional strategic opportunities,” the announcement noted.

Francisco Alvarez-Demalde, Co-Founding Partner and Managing Partner, Riverwood Capital, added:

“Prajit and the incredibly talented team at Nium have redefined payments for the modern era with an infrastructure that finally makes it easy for companies to embed financial services into business and banking applications. We could not be more excited about this partnership and look forward to seeing Nium continue to set the standard for how global payments are delivered.”

Alex Porto, Principal, Riverwood Capital, noted:

“Nium has built an extremely rare global footprint of licensed infrastructure that brings the world closer to global real time gross settlement. We believe that Nium is on track to be a central component of the global fabric, providing faster and more democratic money movement and we look forward to supporting their growth in this next phase.”

As mentioned in the release, the capital has been secured at a time when market opportunities for Nium in embedded financial services, cross-border transfers, and card payments are “large” and “rapidly expanding” on a global level. Nium estimates these global trends “to have a total addressable market of nearly $50 trillion.”

Financial Technology Partners (FT Partners) served “as exclusive strategic and financial advisor to Nium on its Series D.”

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