Nium, an infrastructure provider for cross-border payments, has closed its Series D funding round (the ongoing round had raised USD 80.4 million as of mid-July) at USD 200 million, led by Riverwood Capital with participation from several others, including Temasek, Visa, and Vertex Ventures. Nium claims to be the first B2B payments unicorn from Southeast Asia as the round valued the company at over USD 1 billion and brought its total funding to USD 300 million.  

The funds will be invested in recruitment, expanding its operations across the US and Latin America, potentially entering strategic acquisitions, and product development.    

Nium reportedly processes around USD 8 billion in payments annually and has issued over 30 million virtual cards since inception. The company also claims that revenue grew by over 280% YoY.  

The company initially intended to raise USD 150 million in funding but received commitments of USD 300 million. It also expects to formally begin its IPO journey in Q1 2022.  

Based in Singapore, Nium (formerly known as Instarem) offers white label and full-stack cross-border payment infrastructure for financial institutions, financial technologies (FinTechs), payment service providers, and enterprises (particularly SMEs). The platform facilitates transactions and spending and receiving money across borders through automated clearing house (ACH) and wire payments, virtual accounts, cards, and e-wallets. 

The funding comes on the heels of its Singaporean cross-border payment infrastructure peer, Thunes, raising USD 60 million in funding in May 2021, bringing its total funding to USD 130 million.