Singapore Fintech Startup Nium Tops $1 Billion Valuation

Bloomberg2021-07-27

Nium raises more than $200 million, led by Riverwood Capital Temasek-backed payments firm targets U.S. IPO within 24 months Singapore’s Nium Pte, a payments startup serving businesses, became a rare ...

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huax
2021-07-27
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Other backers included Temasek Holdings Pte, Visa Inc., Vertex Ventures, Beacon Venture Capital and Rocket Capital. Singapore’s sovereign wealth fund GIC Pte also joined the round, according to a person familiar with the matter who asked not to be named.\nNium plans to use the funds to expand in the U.S. and Latin America before pursuing an initial public offering in the U.S. in 18 to 24 months, Chief Executive Officer Prajit Nanu, 39, said in an interview with Bloomberg Television’s David Ingles, Yvonne Man and Rishaad Salamat on Tuesday. He said the company may pursue a secondary listing in Singapore later.\nIt will remain on the lookout for acquisition targets in those markets as well as Australia, he said. The startup has bought London-based Ixaris as well as Wirecard Forex India Pvt this year.\nNium’s unicorn status marks a milestone in Singapore, an affluent island nation of 5.7 million people that’s trying to position itself as a vibrant fintech hub. 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After growing up in Mumbai, he got a taste of what it’s like to build fast-growing businesses during his 12-year career at firms including Adventity Inc. and WNS Global Services.\nNanu came up with the idea after trying to send money from India to Thailand to organize a bachelor’s party for a friend in 2013. He ran into a problem as a Thai resort refused to take his credit card and insisted on a bank transfer, while his bank in India requested an extensive list of documents for transferring $640.\nToday, Nium counts Thailand’s Kasikornbank Pcl and Singapore Telecommunications Ltd. among more than 200 clients. Similar to Stripe Inc., Nium’s software helps businesses to accept online payments. 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