Singapore fintech Nium turns unicorn, topping US$1 billion in valuation

The Straits Times2021-07-27

SINGAPORE (BLOOMBERG) - Singapore's Nium, a payments start-up serving businesses, became a rare fintech unicorn in the city-state after raising more than US$200 million in fresh funding. The company ...

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Deonc
2021-07-27
Deonc
please like and comment.
Allyshia
2021-07-27
Allyshia
Like
- J256:
  Ok
Winyss10
2021-07-27
Winyss10
5 minutes ago
Dynamism
2021-07-27
Dynamism
Ok
Alicialai
2021-07-27
Alicialai
Please like
- sohadeline:
  ok
- Joker_Smile:
  just a matter of time.
jellofish
2021-07-27
jellofish
good job

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Other backers included Temasek Holdings, Visa, Vertex Ventures, Beacon Venture Capital and Rocket Capital. Singapore's sovereign wealth fund GIC 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 United States and Latin America before pursuing an initial public offering in the US in 18 to 24 months, Chief executive officer Prajit Nanu, 39, said in an interview. The company will remain on the lookout for acquisition targets in those markets as well as Australia, he said.\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. There are more than 1,000 fintech start-ups in the country, mainly focusing on payments, lending, investment and personal finance. 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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 US$640.\nToday, Nium counts Thailand's Kasikornbank and Singapore Telecommunications among more than 200 clients. Similar to Stripe, Nium's software helps businesses to accept online payments. 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