Fintech startup Nium has raised a fresh round of equity funding with Visa and BRI Ventures as its two new investors. It is reported that the fintech is Visa’s third investment in Southeast Asia following Gojek and Grab, a local media reported.
BRI Ventures is the corporate venture capital arm of Bank BRI.
The fintech’s existing investors also participated in the equity funding round. The capital from the funding will be used to further develop its payment infrastructure, media reports said. This includes outreach to consumers, businesses, banks, and other financial institutions. In addition, it will use the funds in product developments.
To date, Nium has raised more than $59 million across a range of funding rounds. Some of its existing investors include Vertex Ventures, Vertex Growth, Fullerton Financial Holdings, Rocket Internet, Global Founders Capital, SBI Japan and MDI Ventures.
Prajit Nanu, chief executive and co-founder of Nium, told the media, “We are interested in tech infrastructure players with capabilities in areas such as issuance and local payment rails which complement our own, and which can help us ship faster in markets we are bullish on. We will focus on vertical expertise in markets like Europe, India, UK and the US.”
Currently, it operates in more than 90 countries, with 65 of them in real-time. In the first quarter of the year, Nium recorded nearly $2 billion in transactions in the first quarter of 2020. The fintech aims to reach a $100 million in revenue by 2023. The fintech offers both cross-border payments and transfer services for customers and businesses.