GIC and Temasek-backed payments startup Nium has raised US$50 million in a Series E funding round, which values the company at US$1.4 billion post-money.
The funding round was led by a sovereign wealth fund in South-east Asia, joined by new investors from the prior round, such as Bond, NewView Capital, and Tribe Capital, said the startup on Wednesday (Jun 5).
Nium said it will use the funds to accelerate its growth plans in the business-to-business payments market, including global network expansion, product innovation and potential mergers and acquisitions activity.
“This investment defies current funding sentiment in fintech and is a vote of confidence in Nium’s growth ambitions, particularly as we focus on serving the needs marketplaces, SaaS platforms, travel, and financial institutions, for whom payments are mission-critical,” said Prajit Nanu, founder and chief executive officer at Nium.
The company said that its 2023 revenue rose more than 50 per cent from its year-ago figure, which can be attributed to its focused product development roadmap. “Recent client wins include Australian expense management leader Weel and one of the UAE’s leading banks, Emirates NBD,” it added.
